This article first appeared on GuruFocus. EchoStar Corp. (ECHO, Financials), the satellite and wireless communications company behind Dish Network, may offer investors an unusual way to gain exposure to SpaceX without buying SpaceX shares directly. Warning! GuruFocus has detected 1 Warning Sign with SPCX. Is SPCX fairly valued? Test your thesis with our free DCF calculator. Morgan Stanley analyst Sean Diffley started coverage of EchoStar with a Buy rating and $134 price target, implying roughly 45% upside. His argument starts with a deal EchoStar struck with SpaceX last year. EchoStar agreed to sell spectrum licenses to Elon Musk's space company for about $17 billion, split between as much as $8.5 billion in cash and $8.5 billion in SpaceX shares.
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