Nomura Securities on Cable & Satellite: Q1 Preview on TWC & DTV
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Price: $209.56 --0%
Rating Summary:
11 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
11 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Nomura Securities on Cable & Satellite: Q1 Preview
Analyst, Mike McCormack, said, "We remain positively biased towards the sector, specifically the cable names. We expect 1Q seasonality to provide a sector-wide tailwind for subscribers, most notably Comcast, and expect industry momentum to highlight the attractive relative valuation of the sector. Beyond 1Q results, trends typically soften sequentially. However, with 2Q11 having been unusually and unexplainably soft, we see an opportunity for year-on-year improvement. Top ideas: 1) Time Warner Cable (NYSE: TWC): discounted valuation relative to peers, and is encouraged by signs of improvement in subscriber trends; 2) DIRECTV (NYSE: DTV): believes investors are overly optimistic when discounting the risks associated with DIRECTV and could see sub losses in 2Q. Raised 2012E EPS from $3.96 to $4.18 to reflect a lower tax rate."
Analyst, Mike McCormack, said, "We remain positively biased towards the sector, specifically the cable names. We expect 1Q seasonality to provide a sector-wide tailwind for subscribers, most notably Comcast, and expect industry momentum to highlight the attractive relative valuation of the sector. Beyond 1Q results, trends typically soften sequentially. However, with 2Q11 having been unusually and unexplainably soft, we see an opportunity for year-on-year improvement. Top ideas: 1) Time Warner Cable (NYSE: TWC): discounted valuation relative to peers, and is encouraged by signs of improvement in subscriber trends; 2) DIRECTV (NYSE: DTV): believes investors are overly optimistic when discounting the risks associated with DIRECTV and could see sub losses in 2Q. Raised 2012E EPS from $3.96 to $4.18 to reflect a lower tax rate."
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