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SoundView Ups General Motors Hughes Rating

SoundView upgraded General Motors Hughes (GMH) to outperform from neutral.

Analyst John Hill sees opportunities for long-term upside at the DirecTV Latin America and Hughes Network Systems divisions. He expects solid second-quarter results from DirecTV, and on-track results from DirecTV Latin America and Hughes Network Systems.

Hill says his subscriber-growth estimates remain above guidance, based on increased local market penetration. He notes his estimates don't include a promised $600 million to $760 million in synergies from News Corp., which is set to acquire General Motors Hughes. He sees a 4-cent.second-quarter loss, and a 10-cent 2003 loss, and raised his 1-cent 2004 loss estimate to 1 cents earnings per share. Hill also raised his $14 target to $17.

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