Nomura Securities Cuts Price Target on AMC Networks (AMCX) Following Industry Conference
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Nomura Securities maintained a Buy rating on AMC Networks (NASDAQ: AMCX), and cut the price target to $63.00 (from $70.00), following an industry conference. The company's CEO, Mr. Sapan, mentioned that National Networks would likely be down “a little bit” in the 3Q in light of the lower-than-expected ratings of Fear the Walking Dead.
Analyst Anthony DiClemente commented, "At yesterday’s industry conference, AMCX’s CEO Josh Sapan indicated the company will likely come in short of the previously guided “relatively flat” 3Q16 domestic ad growth, largely owing to lower-than-expected ratings for Fear The Walking Dead, as well as for acquired programming. Therefore, we adjust our model to incorporate a more modest ratings trajectory across The Walking Dead franchise. In sum, we lower our 2016 and 2017 EPS estimates to $5.53 and $6.00 from $5.78 and $6.37, respectively. Given the multiple compression across Media, we also lower our target 2017E P/E multiple to 10.5x (from 11x), which equates to $63 TP."
Shares of AMC Networks closed at $51.42 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MoffettNathanson Downgrades AMC Networks (AMCX) to Sell
- UPDATE: Seaport Global Securities Starts Beacon Roofing Supply (BECN) at Buy
- Credit Suisse Downgrades NetApp (NTAP) to Underperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!