Piper Jaffray analyst James Marsh believes Lionsgate's Q1 results highlight the strength of the company's underlying business. The stock has pulled back 10% in the past two trading days on worries about the health of the pay television ecosystem, Marsh tells investors in a research note. He believes, however, that the company well better positioned to benefit from the competition between the pay television networks and new digital upstarts as they provide original content to both competitors. March reiterates an Overweight rating on Lionsgate with a $45 price target.