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Falloff In Subs Sinks Pegasus

11/17/2002 7:00 PM Eastern

Deutsche Bank Securities Inc. analyst Karim Zia restated his "buy" rating on Pegasus Communications Inc., even though the direct-broadcast satellite reseller lost 10 times more subscribers in the third quarter than he had expected. Pegasus lost 31,000 subscribers in the period, due to higher-than-expected churn — well above Zia's estimate of 3,000 fewer subscribers. But the analyst wrote in a report that Pegasus has shown significant progress in transitioning its model from one that's focused on subscriber growth to a model that concentrates on higher-quality growth. Still, he lowered his 12-month price target on the stock to $4 from $10.

 

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