Kaufman Bros. Reiterates a 'Buy' on The DISH Network (DISH); Raises PT to $26

November 2, 2009 7:23 AM EST

Kaufman Bros. reiterates a 'Buy' on The DISH Network (Nasdaq: DISH), raises price target from $23 to $26.

Kaufman analyst says, "We look for DISH Network to report 3Q09 total revenue of $2.95 billion (flat y/y), total EBITDA of $701 million (up 6% y/y), and EPS of $0.47 (up from $0.20 a year ago)...We look for DISH Network to report 2009 total revenue of $11.7 billion (up 1% y/y), total EBITDA of $2.7 billion (down 15% y/y), and EPS of $1.89 (up from $1.71 in 2008). We have lowered our 3Q09 and 2009 EPS estimates from $0.59 and $2.12, respectively, due to an error in our model, which carried the 2Q09 tax benefit forward.

"We look for the DISH Network to continue to show strengthening in its subscriber metrics. While financial results for the DISH Network are likely to continue to lag its counterparts, we believe underlying subscriber metrics should continue to show improving trends similar to 2Q09. Specifically, we look for DISH to report another quarter of positive subscriber growth. We project 30,000 net additions for 3Q09, versus a net loss of 10,000 subscribers a year ago. Our estimate is based on a 6% decline in gross additions (lost telco distribution, lost retail distribution) offset by a reduction in churn to 1.85% from 2.06% a year ago."

To see more analyst ratings on DISH Click Here. 

DISH Network Corporation, through its subsidiaries, engages in subscription television business in the United States.
 

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