EchoStar (SATS) is expected to sell its AWS-3 spectrum next, valued at $9.9 billion, potentially in a package with its 700 MHz and CBRS holdings, Deutsche Bank said in a note Tuesday.

Verizon (VZ) is seen as the most likely buyer due to its relative spectrum deficit and larger subscriber base compared to AT&T (T) and T-Mobile US (TMUS), the Deutsche Bank analysts noted.

EchoStar said Monday it will sell its AWS-4 and H-Block spectrum licenses to SpaceX for $17 billion in a deal split evenly between cash and SpaceX equity.

The deal adds $14.4 billion in estimated after-tax value to the company's price target, Deutsche Bank said.

Media reports suggest T-Mobile may lease terrestrial mobile rights from SpaceX, which could help offset SpaceX's spectrum cost and give T-Mobile an opportunity to gain access to mid-band spectrum at a discount, according to the note.

Deutsche Bank maintained a buy rating for EchoStar and raised its price target to $102 from $67.

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