EchoStar’s stock looks like a stealthy way to ride the SpaceX wave, J.P. Morgan says

J.P. Morgan analysts argue that EchoStar's shares may not fully reflect the value of its future stake in SpaceX, nor the potential for additional spectrum deals. According to the analyst view, the market is underappreciating these two elements of the company's story, which together could represent meaningful upside not yet visible in the share price.

The SpaceX angle is notable because EchoStar holds a stake tied to earlier spectrum transactions with the satellite operator. As SpaceX's valuation has climbed, so too has the implied worth of that holding — a connection the analyst suggests investors have been slow to recognize. Meanwhile, EchoStar's spectrum portfolio remains a scarce asset that wireless carriers may still want, leaving room for further agreements.

What to watch: any disclosure that clarifies the size or timing of the SpaceX stake's value, and signs of fresh spectrum negotiations. These are the catalysts the bullish case rests on. Until they materialize, the thesis remains speculative, and the stock could stay volatile.