Viacom (VIAB): Paramount Deal Off The Table, Cutting PT - Wedbush
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Wedbush analyst, James Dix, reiterated his Outperform rating on shares of Viacom (NASDAQ: VIAB) but cut his price target to $40 from $44 after he reduced estimates for Filmed Entertainment. The lower PT reflects lower estimates and lower weight on SoTP valuation, given that VIAB has announced that a deal for a stake in Paramount is off the table.
Shares appear to be in a catalyst-free zone pending the selection of new CEO.
Shares of Viacom closed at $34.84 yesterday.
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