Goldman Sachs Downgrades DirecTV To Neutral

According to Goldman Sachs, DirecTV DTV was downgraded to Neutral last night. Goldman Sachs said that, since adding to the Buy List on December 10, 2009, the stock is up 50% versus the S&P 500 up 14% (+30% in the last 12 months versus the S&P +12%). The new 2012 revenue/EBITDA estimates are $29.2bn/$7.8bn (-0.5%/-1.2%). The 2011E/2012E/2013E EPS are now $3.36/$4.20/$4.99 (+$0.13/+$0.02/- $0.07), as lowered US revenue/EBITDA forecasts are offset by lower D&A. “As a result of these estimate changes, our 12-month price target moves to $52 from $56 previously. Our price target is the average of our DCF and SOP methodology.” DirecTV closed yesterday at $46.63.