UBS Warburg analyst Thomas Eagan reduced his 12-month price target on Pegasus Communications Corp., after the DirecTV Inc. reseller said it would scale back promotional offerings, sacrificing subscriber growth for increased cash flow. Eagan dropped his 12-month price target on Pegasus from the mid-$60 range to the mid-$40 range while maintaining his "strong buy" rating on the stock. Although the new initiative could boost the bottom line, Eagan wrote in his report, Pegasus is missing "a unique opportunity" to snatch market share from rural cable operators.
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