Craig Moffett, principal and senior analyst at MoffettNathanson, downgraded his rating on DISH Network Corp. shares to "sell" from "neutral," Multichannel News reported Aug. 13.
The analyst, who lowered his 12-month price target on the stock to $29 apiece, noted in a research report that despite some recent signs of improvement, a spectrum sale would be the only positive scenario for the satellite giant.
"EVERY other scenario, including every variation on a network build-out, is a negative. Unfortunately, those 'other' scenarios have only gotten more likely," Moffett added.
DISH closed the second quarter with 10.7 million DISH TV subscribers and 2.3 million Sling TV subscribers. The total 13.0 million pay TV subscribers compare with 13.3 million total subscribers at the end of second quarter 2017.
Within the quarter, DISH lost 151,000 net pay TV subscribers, including a loss of 192,000 satellite video customers and a gain of 41,000 Sling TV subscribers. By comparison, DISH reported a decline of about 196,000 net pay TV subscribers in the second quarter of 2017.