UPDATE: Citigroup Upgrades DIRECTV Group to Buy

Citigroup raises its rating on DIRECTV Group DTV to Buy from Neutral and lifts its price target to $59 from $48 as it sees low FCF in Latin America as an opportunity, not a risk. Citigroup says, "Recently, investors have focused on LatAm's tepid free cash flow. In large part, this caution stems from DirecTV's divergent growth profiles: 1) the slower growing US market, with ample FCF and 2) the rapidly growing LatAm market, with tepid FCF. It does not speak to the health – or value - of the LatAm business." DTV closed at $48.20 a share on Tuesday.