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SG Cowen Keeps 'Strong Buy' on EchoStar

SG Cowen reiterated its strong buy rating on Echostar Communications (DISH).

Analyst Thomas Watts says the 12 cents first-quarter earnings per share, $1.38 billion revenue, and $276.9 million earnings before interest, taxes, depreciation, and amortization were all respectively in line with his estimates.

Watts says subscriber growth continues at unprecedented levels, noting first-quarter net additions of of 350,000 exceeded his 259,000 expectation. Watts thinks market share gain came from new mass market distribution channels. He says the $125 million free cash flow beat his $48 million estimate, underscoring his thesis of free cash flow acceleration.

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