Pacific Crest Downgrades AMC Networks (AMCX) to Sector Weight
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Pacific Crest downgraded AMC Networks (NASDAQ: AMCX) from Overweight to Sector Weight. Analyst Andy Hargreaves thinks pressure on viewership is likely to continue or get worse.
"Poor YTD show performance suggests secular pressures are overwhelming AMC's brand strength and quality of programming. We do not expect these pressures to ease, which prompts a significant reduction to our ad revenue estimates and a downgrade to Sector Weight from Overweight," said Hargreaves.
"Entering 2016, we believed the strength of AMC's programming could maintain strong audiences, even in a more competitive environment. That has proven wrong, as secular pressures have driven underperformance for both new and returning originals YTD. We expect these pressures to continue and possibly accelerate, which suggests that AMC will struggle to maintain viewership levels going forward," added the analyst.
Shares of AMC Networks closed at $49.25 yesterday.
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