Nomura Securities Maintains a 'Reduce' on DIRECTV (DTV); Questions Ahead of Analyst Day

Nomura Securities maintains a 'Reduce' on DIRECTV (NASDAQ: DTV) price target of $32.00.

Analyst, Mike McCormack, said, "We highlight 15 questions ahead of the 3/29 analyst day as well as supportive analysis. Key subjects include: growth outlook, competitive landscape, pre-SAC margins, outlook for capex and FCF, opportunity for a third round of LatAm growth, and a wireless strategy. We remain bullish on the outlook for LatAm EBITDA growth, but believe we differ considerably on the outlook for capex, and ultimately, the ability to drive FCF to support the debt load. With DTVLA having already been mortgaged for stock buybacks, investors need clarity on the ability to deliver meaningful FCF. Our 2012E EPS remains $3.96 vs. Street at $4.32."

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 $48.64 yesterday.

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