Stifel Downgrades Viacom (VIAB) to Hold with Paramount Sale on Hold
- Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1
- Wall Street rallies, led by Deutsche Bank, financials
- Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)
- Deutsche Bank (DB) Said Near $5.4B Settlement with U.S. - AFP
- Oil up second straight month on OPEC-fueled rally
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Stifel downgraded Viacom (NASDAQ: VIAB) from Buy to Hold with a price target of $38.00 (from $49.00) following reports that the Viacom Board has decided to table plans to sell a minority interest in Paramount.
Analyst Benjamin Mogil commented, "We are moving to a Hold rating following more press reports that the Viacom Board has decided to table plans to sell a minority interest in Paramount. We had been holding the potential of a sale as one of the key anchors of our Buy rating as such a sale would have made the core Media assets despite the challenges appear under-valued. With that sale potential now gone, we view the stock as fairly valued."
Shares of Viacom closed at $37.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UBS Cuts Price Target on Tractor Supply (TSCO) Following Petsense Acquisition
- Argus Downgrades Cognizant Technology Solutions (CTSH) to Hold
- UBS Raises Price Target on Accenture (ACN) to $125; Remains Sidelined
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Mergers and Acquisitions, Rumors
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!