Nomura Securities Maintains a 'Neutral' on Dish Network (DISH); 3Q Review, ARPU Disappoints.

Nomura Securities maintains a 'Neutral' on Dish Network (NASDAQ: DISH) price target lowered $2 to $27.

Nomura analyst, Mike McCormack, says, "In our view, DISH Network’s 3Q11 results were largely disappointing. We focus on the clear slowdown in ARPU growth and an elevated, and likely increasing, advertising component. Additionally, we view assigning sustained credit to expanded marketing efforts as inconsistent with the ARPU and subscriber trends implied in the results of Pay-TV competitors. Longer term, the outlook for investment in DISH shares will be a balance of potential capital returns, and the commitment to wireless investment. We reduced our 2011E EPS from $3.44 to $3.29, 2012E from $2.87 to $2.82."

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

Shares of Dish Network closed at $24.66 yesterday.

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