By Senad Karaahmetovic

Greg Miller, Truist Securities analyst, was upgraded DISH Network (NASDAQ) to Buy from Keep with a Target Price of $60.00, an increase from $25.00

The analyst says investor expectations are “greatly diminished” after the recent Analyst Day. However, he adds that “we have witnessed the confusing low-point in the stock that should improve with share gains.”

“Although we believe the company failed to communicate a cohesive go-to-market strategy at its investor day (with the stock trading >30% lower during the session), or even highlight tangible successes it has already made with its Las Vegas launch (with read through to other markets), we are still confident subsequent launches will produce solid results,” Miller said in a client note.

The company’s communication skills with investors are improving, which is a clear positive. On the business side, Miller says the disruption is “likely.”

“We do not expect to witness demonstrable proof of a superior cost structure of its cloud native, O-RAN network anytime in the near to intermediate term future. It is absurd to propose it, considering that roaming accounts account for 2/3 the nation. Even so, with a market that generates more than $300bn in annual revenues at >70% gross margin, the market is ripe for disruption, in our opinion.”

Miller is optimistic, particularly in light of Project Genesis.

Analysts see an attractive valuation. The new price target implies a potential 170% upwards from current levels.

Today’s pre-market dish shares were up by 4%