UPDATE: Deutsche Bank Lowers PT to $55 on DIRECTV

Deutsche Bank maintains its Buy rating on DIRECTV

but lowers its price target to $55 from $58 by slowing growth and increasing competition. Deutsche Bank says, "DTV benefits from its higher-end customer base, leading brand, advantaged distribution and fast growing LatAm (24% of ‘11E EBITDA growing 20% ‘12E). Enhanced by its leading equity shrink (4% of shrs/qtr), we expect a 26% FCF/share CAGR. Enthusiasm is moderated by the potential impact of slowing growth or greater Latam competition on valuation, any housing recovery might disproportionately benefit cable, and the higher '12 /'13 capex investment pushes off FCF." DTV closed at $45.51 a share on Monday.