NEW YORK (TheStreet) -- Dish Network (DISH) 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.
"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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