Summary of Wunderlich's AM Call Report

Wunderlich Securities released their AM call summary report for September 10, with a mixed bag of recommendations. Northeast Utilities NU has been downgraded to a Hold rating from a Buy, based on valuation. The price target is $30. Wunderlich still feels that it will see earnings growth into the future due to capital spending and rate increases. Capstead Mortgage Corporation CMO continues to have a Hold rating, but the price target has been lowered to $11.75 after a drop in third quarter dividends. There had been pressure on net interest income, a major source of earnings, due to GSE buyouts of delinquent loans from collateral pools. DirecTV DTV is still recommended at a Buy rating, with a price target of $46. Recent ground gained in Latin America coupled with new forays into DVR-stored advertising and the NFL Sunday Ticker online service led to Wunderlich’s reasoning. Liberty Interactive Group LINTA had its Buy rating reiterated, at an $85 target price point. Wunderlich holds a favorable view on QVC’s future prospects from online, mobile, and overseas growth, as well as their high profile in recent fashion shows pushing the brand.