J.P. Morgan Sees 67% Upside for EchoStar on $20B SpaceX Spectrum Deal

EchoStar shares offer potential upside of up to 67% as a proxy for SpaceX's growth, according to J.P. Morgan analyst Sebastiano Petti. The firm argues that public markets are substantially undervaluing EchoStar's upcoming transaction with SpaceX alongside its capacity for further spectrum monetization. Under the agreement, EchoStar plans to sell around $20 billion in spectrum licenses to SpaceX for $8.5 billion in cash and 261.8 million SpaceX shares. The transaction is scheduled to close in late 2027, subject to regulatory clearances.