Deutsche Bank Lifts PT on Viacom (VIAB) Following Q1 Results, Ads Turning a Corner

February 1, 2013 11:55 AM EST
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Price: $39.80 +0.10%

Rating Summary:
    15 Buy, 25 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Deutsche Bank raised its price target on Viacom (NASDAQ: VIAB) from $62 to $65 and reiterated its Buy rating following Q1 results saying ad revenue is starting to turn the corner.

The firm comments, "Viacom’s ad revenue is starting to turn the corner, improving from domestic adv -6.3% Y/Y in C3Q12 to -2% in C1Q13 and potentially growing thereafter, while affiliate revenue growth remains strong at 10%. If Viacom continues to improve ratings its networks could return to margin expansion in FY14 and beyond, sparking further revaluation for shares. Return of capital remains strong ($2.6b for FY13, 9% of shrs out, plus a 2.4% dividend)."

The firm trimmed Q2 EPS estimates from $1.01 to $0.96 and FY14 EPS from $5.28 to $5.16.

For an analyst ratings summary and ratings history on Viacom click here. For more ratings news on Viacom click here.

Shares of Viacom closed at $60.35 yesterday.

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