UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on DIRECTV on Positive 4Q Trends

In a report published Friday, Goldman Sachs reiterated its Neutral rating on DIRECTV

, but lowered its price target from $60.00 to $56.00. Goldman Sachs noted, “4Q results were constructive, with healthy high single-digit revenue/EBITDA growth that exceeded expectations and strong subscriber metrics across both segments, led by lower US churn and record LatAm net adds. In addition, DTV announced a $4 bn buyback which we believe was at the high-end of recent street expectations. Furthermore, the company had already flagged programming cost growth of high-single digits in 2013, eliminating a key risk that faces Cable peers.” DIRECTV closed on Thursday at $50.21.