November 2, 2010 / 9:19 AM / 9 years ago

STOCKS NEWS EUROPE-Sky Deutschland falls on UBS downgrade

Shares in loss-making German pay-TV broadcaster Sky Deutschland SKYDn.DE fall 7.9 percent to the bottom of Frankfurt mid-cap index .MDAXI after UBS downgrades the stock to “neutral” from “buy” ahead of third-quarter results on Nov. 11.

“Whilst we expect Q3 results to demonstrate a continued improvement, we believe subscriber growth could disappoint the market, leading to a speedbump on the road to an eventual turnaround,” UBS analysts write.

Sky Deutschland, in which News Corp (NWSA.O) holds a 45.42 percent stake, is expected to report a third-quarter loss before interest and tax of 60 million euros, according to Thomson Reuters I/B/E/S.

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