Deutsche Bank Securities analyst Karim Zia maintained his "buy" rating on Pegasus Communications Corp., but cut his 12-month price target on the stock to $20 from $40, after the reseller of DirecTV service reported another flat quarter. Pegasus lost about 33,000 subscribers, compared to a loss of 10,000 customers the prior quarter. Fourth-quarter revenue dipped 1 percent, to $217.3 million. "A debt-heavy balance sheet has forced the company into a cash conservation mode that, absent a cash infusion or takeout, leaves little room for operating flexibility," Zia wrote.
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