We are increasing our estimates for Apple after a strong Q3 revenue and margin performance reported last night. We also increased our price target to $350 from $330 based on our higher EPS estimates. Our $350 target is based on 19.6x our 2011 EPS estimate. Click here for a copy of our note. Click here…
Given that it is increasingly clear that consumers are shifting to renting from buying (see our 7/20 blog post, click here), one would think the studios should all want to move consumers to the highest gross margin dollar mediums within the rental world (such as video-on-demand, electronic rental iVOD and even Blockbuster) relative to Netflix…
The drum beat from the exhibition industry is growing louder by the day, as the industry attempts to prevent the Hollywood studios from shortening the theaterical release window (time period before DVD/VOD release). In our 6/16 blog, entitled Window Wars (click here), we highlighted a NATO (National Association of Theater Owners) full page ad that…
Update: The winners have been posted for the AWS auction and as expected America Movil won the majority. For a worksheet that breaks down all the winners of both auctions click here. Both spectrum auctions have now concluded in Mexico and NII Holdings has achieved its goal of obtaining a new slug of spectrum to…
Year-to-date, domestic box office is up 4% and through the first half of 2010, consumer spending on home entertainment is only down 3% (see our chart embedded below for a detailed analysis of first-half spending). At first glance, one might think the movie industry is stabilizing. Yet, digging a bit deeper yields more concerning underlying trends…
We are revising our estimates for Apple ahead of its Q3 earnings report tomorrow. We are not attempting to call the quarter with our estimate revision but simply adjusting our numbers for the variety of data points that have hit since the launch of the iPhone 4. Click here for a copy of our note.
While there was tremendous demand for the RealD IPO (priced at $16.00) that has now spilled over into the after-market, we believe the current valuation is unwarranted. Based on our estimates, RealD is now selling at over 11.6x fiscal (March) 2012 EV/EBITDA (used as a proxy for calendar 2011) and 9.0x fiscal (March) 2013 EV/EBITDA…
The conclusion to the WSJ story today on Clearwire was as surprising an ending to a story that we have seen since the Crying Game. The Heard on the Street column laid out a concise and accurate bull case for the story citing Clearwire’s ample spectrum position, it’s capability to execute on a multi-technology strategy, Deutsche…
On July 13th, RealD filed an updated prospectus (click here; with key changes in a separate FWP, click here), pre-announcing rough estimates for fiscal (June) Q1 2011 revenues and adjusted EBITDA. Note: IPO is expected tonight; we expect pricing at the high-end of the range, with the green shoe (all-secondary shares) being exercised given substantial…
Last year Cablevision went all-digital in its New York City footprint (Bronx and Brooklyn), meaning every TV you use to watch Cablevision’s video service now requires a set-top box. Previously, simply connecting a coaxial cable to your television delivered a limited selection of analog TV channels (digital channels, VOD, HD, etc. all required a digital set-top before…
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