Nomura Securities Lowers Estimates on DIRECTV (DTV); Showing Progression Against Concerns, But Maintains 'Reduce'

May 9, 2012 10:16 AM EDT Send to a Friend
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Nomura Securities maintains a 'Reduce' on DIRECTV (NASDAQ: DTV) price target of $32.00.

Analyst, Mike McCormack, said, "DIRECTV’s 1Q results showed progression against many of our concerns, and we continue to recommend investors reduce positions in the shares. Incremental pre-SAC margins were again negative for the quarter, and we remain cautious on the outlook. Latin America subscriber growth continues to impress. However, with declining ARPU and pre-SAC margins, offset by a growing SAC, the transition into the middle market strategy appears to be costly. We are revising our 2012 and 2013 FCF/share estimates from $3.10 and $3.56 to $3.05 and $3.40, respectively."

For an analyst ratings summary and ratings history on DIRECTV click here. For more ratings news on DIRECTV click here.

Shares of DIRECTV closed at $48.03 yesterday.


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