Shares in the company fell to 572.5p at 1.07pm, after the note was issued by Banc of America Securities media analyst Sean Eddie. By 2.30pm, however, they began to recover to 577.5p.
Eddie said the estimated number of top tier customers who had downgraded to a cheaper package showed that Sky customers were "more sensitive than they appear, and this is significant because the shape of forecasts assumes a continuation of historical trends".
He added: "With the economy slowing, trading down may persist."
When Sky reported its first-quarter results for the three months to September, it revealed plans to increase subscription charges from January, to help it achieve its Arpu (average revenue per user) target of £400 in 2005. At the time, the company said Arpu was £348.
The company's shares began to slide yesterday morning, in line with a drop in the rest of the market and despite a positive trading note from Standard & Poor's.
Standard & Poor's said that it was raising the outlook on BSkyB from "stable" to "positive", and affirmed its BB+ credit rating. At the time, shares in the company fell by 2.3% to 595p, down 14p.
BSkyB said it welcomed Standard & Poor's announcement. It added that, as of September 30 2002, its net debt was £1.5bn -- down £300m since January last year.
The company is due to report its interim results on February 14.
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