Morgan Keegan & Co. Inc. analyst Murray Arenson maintained his "outperform" rating on hotel pay-per-view company On Command Corp., and stated that the market is seriously undervaluing its stock. On Command was hit hard after rival LodgeNet Corp. inked a deal with Hilton Hotels Corp. in October that would put it in 70,000 owned-and-operated Hilton hotel rooms. But Arenson thinks On Command could still retain market share with its Hilton franchisees that may balk at the added cost of switching to LodgeNet. OnCommand stock was trading at $8.75 per share on Nov. 22, down 31 percent from $12.69 each before the Hilton announcement. "We expect [On Command] CEO Jerry Kern to become more proactive regarding the articulation and execution of his strategic plan," Arenson wrote. OnCommand should be trading in the $13 per share range, he added.