Why We Are Revising Dish Network's Price Estimate To $74

Dish Network reported its second quarter earnings recently. During the earnings call, CEO Charlie Ergen conceded that Dish's future plans might be severely affected if the FCC cancels the $3.3 billion discount the company received in the AWS-3 spectrum auction. An additional liability of that magnitude could stall future M&A activity and cripple Dish's plans to bid for spectrum at future auctions. With the cancellation decision seeming imminent, we have made the required adjustments to our price...