UPDATE: JP Morgan Cuts PT to $55 on DIRECTV on Weak Guidance

JP Morgan maintained DIRECTV DTV with a Neutral rating and lowered the price target from $58.00 to $55.00. JP Morgan said, "DirecTV had a solid 4Q12 but modest subscriber guidance and weak financial guidance weigh on 2013, especially at DTVLA due to Venezuela. Furthermore, the ramp in capex for both the US and DTVLA negatively impacts 2013 cash flow and a potential GVT deal creates even more uncertainty. Our 2013 EPS estimate goes to $5.00 excluding the one-time Bolivar devaluation impact of ~$160m and $4.85 including it." DIRECTV closed at $49.19 on Friday.