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Pivotal Research analyst Jeffrey Wlodarczak upgraded Dish Network (DISH) to Buy from Hold with a price target of $60, up from $50.

The new target price is "arguably conservative considering the significant upside potential" in the Dish 5G wireless opportunity and to a much lesser extent from the likely inevitable merger with AT&T's (T) DirecTV, Wlodarczak tells investors in a research note.

Dish is in the process of rolling out a "revolutionary cloud-native/software-driven 5G network" with key partner Amazon Web Services (AMZN) that should allow 5G services to be quickly developed, says the analyst. Wlodarczak says Dish's risk/reward is "simply too great."