Nomura Securities Maintains a 'Neutral' on Dish Network (DISH); Review of 2Q Results
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Price: $5.77 --0%
Rating Summary:
10 Buy, 20 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
Rating Summary:
10 Buy, 20 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
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Nomura Securities maintains a 'Neutral' on Dish Network (NASDAQ: DISH), price target lowered from $32 to $29.
Nomura analyst, Mike McCormack, says, "Subscriber slowdown was at the low end of expectations, however, DISH was able to grow ARPU 7%, with a $5 price increase, without seeing above seasonal churn, and core pre-SAC incremental margins were meaningfully better than rival DIRECTV. SAC trends were mixed with disciplined marketing spend and advertising levels, but higher total equipment spending per gross addition. Management made clear its intentions to refocus the marketing message on technology rather than value in late 2H11. We have reduced our 2012E EPS to $2.88 from $3.53 and lowered our target price to $29 from $32 to reflect lower estimates."
For more ratings news on Dish Network click here and for the rating history of Dish Network click here.
Shares of Dish Network closed at $22.58 yesterday.
Nomura analyst, Mike McCormack, says, "Subscriber slowdown was at the low end of expectations, however, DISH was able to grow ARPU 7%, with a $5 price increase, without seeing above seasonal churn, and core pre-SAC incremental margins were meaningfully better than rival DIRECTV. SAC trends were mixed with disciplined marketing spend and advertising levels, but higher total equipment spending per gross addition. Management made clear its intentions to refocus the marketing message on technology rather than value in late 2H11. We have reduced our 2012E EPS to $2.88 from $3.53 and lowered our target price to $29 from $32 to reflect lower estimates."
For more ratings news on Dish Network click here and for the rating history of Dish Network click here.
Shares of Dish Network closed at $22.58 yesterday.
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