Analysts at investment bank TD Cowen have issued a note to clients saying that positive news from EchoStar could continue to flow. “EchoStar still owns the highly lucrative 700 and AWS-3 spectrum, in which we note that all three wireless carriers have a robust ecosystem,” TD Cowen analyst Gregory Williams wrote in a note for clients. Williams valued this spectrum at about $12 billion (€10.2bn).

Recent weeks have seen EchoStar sell of spectrum to AT&T for about $23 billion, and to SpaceX’s Starlink for $17 billion.

“Whether EchoStar sells more [spectrum] in short order remains to be seen,” TD Cowen’s Williams wrote Monday, explaining that, with the FCC dispute resolved, it may hold onto its portfolio longer. “EchoStar is not a forced seller, now has an excellent balance sheet and liquidity, and may desire to hold onto the spectrum as long as possible for higher sale valuations at a later date.”

TD Cowan’s thoughts were echoed by Oppenheimer analyst Timothy Horan, who valued the unsold 40 MHz of terrestrial spectrum at nearer $10 billion.

“Inevitably, we expect EchoStar to monetize its remaining spectrum portfolio,” wrote J.P. Morgan analyst Sebastiano C. Petti, in his note to clients. “However, we believe interested parties (wireless incumbents) are likely to wait for the FCC to conduct the re-auction of EchoStar’s returned AWS-3 spectrum (likely in 1H26) before deciding whether to potentially acquire EchoStar’s holdings in this band.”

Observers might well learn more this week when EchoStar speaks at the Novaspace World Satellite Business Week in Paris. Paul Gaske, COO at EchoStar, is speaking today (Septmerb 15th) in a session Global Operators: New Growth Plans.

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