Dish $DISH stock broke below key support levels on February 28, 2023, taking out even the October 2022 lows.
Short sellers are targeting DISH stock after Bank of America issued a double downgrade.
Dish double downgraded at BofA
On February 28, 2023, BofA double downgraded Dish from Buy to Underperform with a $10 price target, down from $30. The analyst writes in a research note to investors that the company’s chances of leveraging its 5G wireless network infrastructure now seem further away. Due to unfavorable pay TV trends, increased marketing costs, and inflationary pressures, the company anticipates declining EBITDA for Dish. According to BofA, the company’s free cash flowThe cash flow statement provides a detailed overview of the cash inflows and outflows of a company over a specified period of time. It includes cash received from operations, inves... trends are expected to become more negative over the next two years.
