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Analyst: Challenges Ahead for DBS
|04 декабря 2008|
Craig Moffett of Bernstein Research suggested to those closely watching the satellite TV business that "there are better opportunities elsewhere" and recommended "remaining on the sidelines."
The analyst maintained his "market perform" ratings for both DIRECTV and DISH Network. Moffett lowered the 12-month target price to $23 (from $26) for DIRECTV and to $14 (from $19) for DISH.
As for the economy, Moffett said a major consumer recession would impact the companies, "although the satellite operators will likely feel the impact far less than most. Revenues at DIRECTV and DISH Network are overwhelmingly recurring, fixed price, and non-discretionary," he said.
Nonetheless, a weaker economy could impact DBS with higher churn rates, resulting in slightly reduced subscriber growth, lower ARPU growth, and lower capital spending (lower SAC and lower retention marketing) as take rates for HDTV and DVRs slow, Moffett said.
Источник: http://www. mediabizcorp.com