UPDATE: Wunderlich Securities Cuts PT to $56 on DIRECTV on Brazil Macro Concerns

Wunderlich Securities reduces its price target on DIRECTV (NASDAQ: DTV) from $60 to $56, but reiterates its Buy rating on shares. Wunderlich Securities comments, "We are lowering our price target on Buy-rated DirecTV (DTV) to $56 from $60 off the deteriorating Brazilian reais exchange rate and a lower 60,000 (vs. prior 65,000) bogey for the Bovespa index used in our market-linked valuation. Brazil remains particularly exposed to any China-induced LT commodity price sell-off with the bearish argument being that it has not escaped the vagaries ofcommodity cycles. We are now probably more bullish than consensus on LT prospects for DirecTV U.S. while more guarded on Latin America. The lowering in the Brazilian market target implies a widening out of the equity risk premium for that market, which is consistent with past observed data during a cooling global economy."DTV closed at $46.40 on Tuesday.