UPDATE: Bank of America Resumes Dish Network at Underperform on Uphill Climb Ahead

In a report published Monday, Bank of America analyst Jessica Reif Cohen resumed coverage on Dish Network (NASDAQ: DISH) with an Underperform rating, and raised the price target from $28.00 to $33.00.

In the report, Bank of America noted, “We are resuming coverage of Dish Network (DISH) with an Underperform rating and a revised $33 PO (vs. $28 prior), reflecting a marginally higher EBITDA multiple mostly due to increased value assigned to the Co.'s 40-46MHz of spectrum. Over the past year, perception of DISH has gone from savvy spectrum acquirer to visionary wireless pioneer to a Co. arguably outfoxed by a better capitalized competitor, which viewed entry into the U.S. wireless business as imperative. DISH presumably wants to continue down a wireless path, but has neither a current partner (although that could one day change) nor realistic ability to ‘go-it-alone,' despite the Co.'s apparent willingness to use its considerable balance sheet leverage power. For 2Q, focus will likely shift back to operations, which continue an uphill climb (the impetus for a wireless venture to begin with).”

Dish Network closed on Friday at $42.98.