Shares of EchoStar jumped 8.7% to $125.28 as a pair of bullish analyst calls reignited enthusiasm for a stock that has become Wall Street's favorite backdoor bet on SpaceX. The rally lands at a precarious moment: just days after the company deliberately skipped $183 million in debt interest payments, betting its financial future on a massive spectrum deal that hasn't fully closed.
Two Analyst Targets Place the Stock 24–29% Above Today's Price
TD Cowen raised its price target on EchoStar to $155 from $129 while maintaining a Buy rating. Separately, New Street Research initiated coverage with a Buy and a $161 price target — the highest on the Street. TD Cowen's target is based on an updated sum-of-the-parts analysis of the company's assets, particularly its stake in SpaceX. The combined signal from two independent firms has convinced momentum traders that the floor is higher, fueling today's move.
The Real Asset Isn't Satellites — It's a 2% Slice of SpaceX
EchoStar acquired a stake exceeding 2% in SpaceX through a spectrum-for-equity transaction completed in late 2025, propelling shares up roughly 100% since announcement.
MoffettNathanson analysts noted the company trades more like a "space-themed hedge fund" than a traditional satellite-TV operator.
The SpaceX holdings are estimated at approximately $31 billion, though EchoStar carries about $22 billion in outstanding debt. If SpaceX goes public at the rumored $2 trillion valuation, that gap widens in EchoStar's favor — but any stumble in the IPO timeline compresses it fast.
A Skipped $183 Million Payment Reveals the Liquidity Tightrope
EchoStar skipped $183 million in interest payments due June 1, entering a 30-day grace period, while conserving liquidity pending $20.25 billion in expected proceeds from AT&T spectrum deals still awaiting final approvals. The company is essentially cash-managing around a closing date it does not fully control. If the AT&T deal slips past the grace window, creditors gain leverage.
Shrinking Revenue Complicates the Bull Case
EchoStar posted a Q1 diluted net loss of $0.51 per share, with revenue declining 5.2% year over year as cord-cutting erodes the pay-TV base. The company's enterprise value sits at $60 billion against just $14.8 billion in trailing revenue , meaning investors are overwhelmingly pricing the SpaceX option, not the operating business. The analyst upgrades are justified only if the spectrum deals close on schedule and SpaceX's valuation holds — a pair of large, binary bets dressed up in a single ticker.