• EchoStar Corporation (NASDAQ:SATS) has been rated Neutral by Citigroup, with a stock price of $108.88.
• The company's stock rose by over 1% after Deutsche Bank analyst Bryan Kraft raised the price target to $131, indicating positive momentum.
• EchoStar's recent sale of wireless spectrum to SpaceX is seen as a significant catalyst for its financial performance and future growth prospects.

EchoStar Corporation, trading under the symbol [NASDAQ:SATS], is a global provider of satellite communication solutions. The company is known for its satellite services and technology, catering to both commercial and government sectors. EchoStar competes with other satellite service providers like SES and Intelsat. Recently, Citigroup adjusted its rating for SATS to Neutral, maintaining a hold action, with the stock priced at $108.88.

EchoStar's stock has shown positive momentum, rising by over 1% and outperforming the S&P 500 index. This uptick is largely attributed to Deutsche Bank analyst Bryan Kraft's decision to raise the price target for SATS by 35%, from $97 to $131, while keeping a buy recommendation. Kraft's analysis highlights the recent sale of wireless spectrum to SpaceX as a significant catalyst for the stock's performance.

The deal with SpaceX not only provided EchoStar with substantial equity in the company, but it also positions EchoStar to benefit from SpaceX's anticipated public offering. This strategic move is expected to strengthen EchoStar's financial standing. Additionally, EchoStar has more spectrum available for sale, which could further bolster its financial position, as noted by Kraft.

Currently, SATS is priced at $108.88, reflecting a 4.78% increase with a price change of $4.97. The stock has fluctuated between $104.60 and $109.16 today. Over the past year, SATS has seen a high of $111.39 and a low of $14.90. The company's market capitalization is approximately $31.34 billion, with a trading volume of 4,498,084 shares.