Brean Capital Starts Lions Gate (LGF) at Buy
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Brean Capital initiates coverage on Lions Gate (NYSE: LGF) with a Buy rating and a price target of $27.00.
Analyst Alan Gould commented, "LGF operates in the sweet spot of the media business focused on content creation. We have great respect for management's ability to execute on acquisitions. On a standalone basis, we believe LGF is paying a full price for Starz, but the cost and LGF's unique tax synergies make the deal quite accretive. Our estimates are below management's forecasts, but we believe the Street has discounted those estimates given the challenges of forecasting film earnings. While most of the sell-side remain positive on LGF, we believe the name is washed out by much of the buy-side. LGF could become John Malone's vehicle for rolling up entertainment companies."
Shares of Lions Gate closed at $20.48 yesterday.
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