DirecTV: Citi Downgrades; Says Good News Already Priced In

DirecTV (DTV) shares are modestly lower this morning after Citigroup analyst Jason Bazinet cut his rating on the stock to Hold from Buy. He maintains a $38 price target on the shares.

The analyst notes that the satellite TV service operator trades at a premium to rival Dish Network (DISH), at 12.8x estimated 2010 unlevered free cash flow, versus 10.3x for DISH. He says three factors justify the premium–DTV is growing free cash flow, unlike DISH; it is buying back more shares; and it is seeing rapid growth in its Latin American business.

Read the rest of this post on the original site

Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »