The elephant-in-the-living room question is whether Blockbuster is doomed to bankruptcy–and whether the stock is a zero.

Janney Capital analyst Tony Wible, who last month cut his BBI rating to Neutral to Buy, today downgraded the shares to Sell, cutting his price target to 15 cents, from 75 cents. “The accelerated loss of market share, lower cash balance, lack of guidance, and restructuring efforts that could entail significant equity dilution raises concerns surrounding liquidity and/or dilution,” he writes. “We are uncomfortable taking these risks in the face of the volatile media landscape.”

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Janney Montgomery Scott analyst Tony Wible pointed out in a short research note today that TiVo’s $250 HD DVR–the primary SKU for its stand-alone business–is out of stock on both TiVo.com and BestBuy.com (BBY).

That could reflect strong holiday sales, he says. But he thinks it is “a likely harbinger that a new product launch in on the way.”

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This morning, Janney Montgomery Scott analyst Tony Wible dusted off the concept in a report in which he launched coverage of Disney with a Buy rating. The logic isn’t that hard to figure out. Disney owns ESPN, the television, radio and Web sports programming juggernaut. Electronic Arts is a huge player in sports video games with its EA Sports line, including the Madden football franchise, Tiger Woods golf games and FIFA soccer games, among many others.

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As it happens, Citigroup’s Tony Wible this morning writes in a research note that there are “reports” of a new Internet streaming application that would allow SIRI users to listen on portable devices. Wible says the idea highlights that SIRI’s value “lies in its content and not its hardware or infrastructure.”

Wible notes that as the seller of iPods, Apple is often seen as a competitor to satellite radio. But he says the new streaming application suggests the two companies may complement each other.

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Wible writes that the company’s Q1 results reported yesterday provide evidence that the company’s turnaround is bearing fruit. He writes that that company has produced improvement in inventory management, raised prices for its Total Access service and cut costs. He also repeated his view that the company’s proposed acquisition of Circuit City (CC) would “provide cost synergies and help BBI become an open provider of technology and content.”

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