DBS Gains Spark Hughes
Staff -- Multichannel News, 7/31/2000
Lehman Bros. Inc. initiated coverage of DirecTV Inc. parent Hughes Electronics Corp. with a "buy" rating and an 18-month price target of $44 per share. Hughes, a unit of General Motors Corp., "should be driven by DirecTV, which has experienced tremendous demand for its service, driven by a superior product to cable and newly lifted restrictions that previously prevented [direct-broadcast satellite] companies from providing local television channels," Lehman analysts wrote. Hughes-which has been falling steadily since July 13, when it closed at $34.13 per share-closed July 26 at $28, down $1.13.
