Dish jumps as Truist upgrades, sees 150% upside on potential to be 'nationwide carrier'
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Dish Network (NASDAQ:DISH) shares jumped on Tuesday after investment firm Truist upgraded the satellite television company, noting that it has the potential to become a "nationwide" mobile carrier and compete with the likes of Verizon (VZ), AT&T (T) and T-Mobile (TMUS).



Analyst Greg Miller upgraded DISH (DISH) shares to buy from neutral and boosted the per-share price target to $60 from $25, implying a more than 150% upside from current levels, noting that investors are starting to understand the company's plans despite the lack of detail provided at its investor day earlier this month. 


"Although DISH lacks a track record in a technical field with an unproven technology, we believe its spectrum holdings, discounted price points, rich $300 [billion] annual target market and potential enterprise partnerships position it well as a Buy rated stock," Miller wrote in a note to clients.


Dish Network (DISH) shares rose nearly 5% to $23.40 in premarket trading on Tuesday.


In addition, Miller noted that the company's Project Genesis launch in Las Vegas, the codename for its 5G network, is expected to come to more than 100 cities by June 14 and it's likely that investors "have witnessed the confusing low-point in the stock that should improve with share gains."


Other positives include the use of Dish's (DISH) investor relations team to tell the wireless story to investors, a market with more than $300 billion in annual revenue that is "ripe for disruption" and the likelihood that there will be subsequent launches in other cities that "produce solid results." 


Although there is only one Project Genesis phone on the market currently -- from Motorola -- it's likely that the Erik Carlson-led Dish (DISH) continues to gain "steady consumer share gain momentum" and the occasional gain in the enterprise in the second-half of 2022 that will likely boost the stock price higher.


Earlier this month, investment firm Citi noted that Dish Network (DISH) screened as one of the top stocks in the communications industry.



Analysts have been overly bullish on Dish's stock (DISH). It had an average rating of Buy from Wall Street analysts, and a less enthusiastic
HOLD from Seeking Alpha authors. Conversely, Seeking Alpha's quant system, which consistently beats the market, rated Dish a HOLD.