Imperial Capital Raises Price Target on Ascent Media (ASCMA) Following 2Q
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Imperial Capital reiterated an In-Line rating on Ascent Media (NASDAQ: ASCMA), and raised the price target to $21.00 (from $20.00), following the company's 2Q earnings report. Ascent Capital Group reported revenues of $144mn, consistent with Street estimates of
Analyst Jeff Kessler commented, "We are maintaining our In-Line rating on the shares of ASCMA and increasing our one-year price target to $21 from $20. Our price target is about 8% above the recent share price. On 8/9/16, Ascent Capital Group reported 2Q16 revenue of $144mn, consistent with Street estimates of $144mn, but below our estimate of $147mn. ASCMA Pre-SAC (pre-subscriber acquisition cost) adjusted EBITDA of $91.8mn was slightly improved from $91.0mn during the same period last year, and above our estimate of $90.6mn. Monitronics Pre-SAC adjusted EBITDA of $93.4mn was flat year-over-year (yoy) and above our estimate of $92.5mn. Unit attrition of 13.9% was up yoy from 13.4%, and consistent with our estimate of 13.9%. Recurring monthly revenue (RMR) attrition of 12.5% was down from 13.2% during the same period last year, and below our estimate of 13.6%. Core attrition of 13.2% was up from 12.6% from the same period last year, and above our estimate of 13.0%."
Shares of Ascent Media closed at $19.47 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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