Nomura Securities Maintains a 'Neutral' on DIRECTV (DTV); Review of 1Q Earnings

Nomura Securities maintains a 'Neutral' on DIRECTV (NASDAQ: DTV).

Nomura analyst, Mike McCormack, said, "We believe DIRECTV is one quarter through a multi-quarter reversal of unnatural success in 4Q08-2Q09, which will likely play itself out in churn and retention metrics. We think it is reasonable to expect a re-rating of the multiple ascribed to DIRECTV’s domestic business if further evidence emerges of a weakening competitive position. We have adjusted our estimates to reflect strength in the quarter, as well as lower revenue and EBITDA in the US business, and improved economics in the DTVLA segment."

For more ratings news on DIRECTV click here and for the rating history of DIRECTV click here.

Shares of DIRECTV closed at $48.29 yesterday.

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