Soleil Securities Maintains a 'Hold' Rating Viacom (VIA.b)
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Soleil Securities maintains a 'Hold' rating Viacom (NYSE: VIA.b). Price target $18.
Soleil analyst says, "Down >40% since 8/1/08, vs. the S&P down 30%...Although trading below historical trough multiples, lower '09 guidance by other media competitors suggests VIAb's consensus '09 EPS estimates may be too high, so P/E and EV/EBITDA valuation metrics are unreliable today...VIAb's daily equity and debt trading prices are highly correlated. Correlations rise to 81% when equity is lagged to debt by one day, suggesting debt leads the equity. Based on recent debt trading levels, the equity appears to be fairly valued and we maintain our Hold rating."
Viacom, Inc. (Viacom) is a global entertainment content company.
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