UPDATE: JP Morgan Upgrades DISH Network, Likes 1-2 Year Outlook

DISH Network (Nasdaq: DISH) was upgraded Monday to Overweight with a price target of $72, based on a strong risk-reward dynamic perceived by J.P. Morgan.

J.P. Morgan analyst Philip Cusick upgraded the stock to Overweight from Neutral, after looking at the different possibilities that exist for the stock over the next one to two years.

Cusick said, in regards toward the scenarios, "we are hard pressed to see a scenario where the stock declines significantly, and see many areas that could drive shares higher. In wireless, while we don't expect Dish to sell its spectrum, we also don't see the company actually building a stand-alone wireless network and find it most likely that Dish will partner with another carrier to light up its spectrum and possibly wholesale capacity and/or other spectrum."

DISH Network shares were last trading down 0.14 percent to close at $58.96 on Friday.