UPDATE: ISI Group Downgrades DIRECTV to Neutral; Guidance Points to 2013 Headwinds
ISI Group downgraded DIRECTV (NASDAQ: DTV) from Buy to Neutral and lowered the price target from $60.00 to $55.00.
ISI Group commented, "DirecTV's new 2013 guidance provided on the 4Q12 earnings call points out a number of headwinds that make us wonder what could make the stock work in the next six months. To be clear, we think the LatAm business is operationally intact; it is the translation impact from the devaluation that has taken the steam out of the story. While we do not think there is significant downside, ... there are too many items that are hindering momentum at this point (Venezuela devaluation, GVT deal still being considered, buybacks that may be downsized depending on GVT, higher capital expenditures, and potentially negative 1H13 US subscriber trends)."
DIRECTV closed at $50.21 on Thursday.
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