Morgan Stanley Sets Dish Target at $36

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Morgan Stanley Dean Witter & Co. satellite analyst Vijay Jayant issued a
research report early Friday on EchoStar Communications Corp., setting a price
target for the DISH stock at $36 per share.

But Jayant said EchoStar might not have any incentive to see upward movement
on its share price until a decision is reached on the company's proposed merger
with Hughes Electronics Corp., which is not expected before September or
October. That's because the lower EchoStar's share price, the higher EchoStar's
pro forma ownership in the merged company, Jayant wrote in the report.

In midday trading Friday, EchoStar's share price had reached a 52-week
low.

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