Stifel Downgrades Viacom (VIAB) to Hold with Paramount Sale on Hold
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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.
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