NEW YORK (TheStreet) -- Dish Network(DISH) - Get Report shares had coverage initiated with a "hold" rating and $67 price target by analysts at Canaccord Genuity (CCORF) on Wednesday.

The firm notes the drawback of Dish Network being only a pay television company due to its satellite dish format, while wired pay television providers can offer a host of other options such as Internet and phone services.

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"While the company does not have the subscriber base (including international presence) or premium content offering of its DBS competitor, DirecTV, the company's acquisition of wireless spectrum and M&A potential give investors some optionality. While we believe upside from spectrum value may exist, such potential is mostly reflected in the current valuation. As a result, we initiate coverage with a HOLD rating and $67 price target," said the firm.

Dish Network shares are down 0.7% to $65.38 in early market trading today.

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