Nomura Securities Maintains a 'Neutral' on Dish Network (DISH); Lowering FY12/13 Estimates
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Price: $5.77 --0%
Rating Summary:
10 Buy, 20 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Rating Summary:
10 Buy, 20 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
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Nomura Securities maintains a 'Neutral' on Dish Network (NASDAQ: DISH) price target of $27.00.
Analyst, Mike McCormack, said, "1Q12 core PayTV trends mixed; outlook worsens. While net adds were better in the quarter, as churn surprised, revenue softness and cost pressures drove EBITDA ~$100mn below expectations, resulting in a negative 2% incremental pre-SAC margins. Moving into 2Q, SAC should climb higher, as the new Hopper and Joey boxes have a full-quarter impact on margins. Finally, churn is expected to track normal seasonality. We are somewhat concerned by DISH’s admission that the lack of a price increase was the driver of record low churn. We are lowering our 2012 and 2013 fully taxed free cash flow/share estimates from $2.91 and $2.76 to $2.67 and $2.56, respectively."
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 $30.93 yesterday.
Analyst, Mike McCormack, said, "1Q12 core PayTV trends mixed; outlook worsens. While net adds were better in the quarter, as churn surprised, revenue softness and cost pressures drove EBITDA ~$100mn below expectations, resulting in a negative 2% incremental pre-SAC margins. Moving into 2Q, SAC should climb higher, as the new Hopper and Joey boxes have a full-quarter impact on margins. Finally, churn is expected to track normal seasonality. We are somewhat concerned by DISH’s admission that the lack of a price increase was the driver of record low churn. We are lowering our 2012 and 2013 fully taxed free cash flow/share estimates from $2.91 and $2.76 to $2.67 and $2.56, respectively."
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 $30.93 yesterday.
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