Viacom (VIAB): Reiterating Outperform After Earnings Reaches Top End of Guidance Range - Wedbush
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Wedbush analyst James Dix, reiterated his Outperform rating on shares of Viacom (NASDAQ: VIAB) after EPS of $0.69 beat street consenus of $0.65 and came in at the upper end of the $0.65-0.70 preannounced range. The company also cut its dividend by half hinting that there are likely no buybacks coming in FY2017.
Given leverage above company target comfort range (3.9x now), the analyst expect VIAB to focus on strengthening its balance sheet in the near term. No change to the price target of $46.
Shares of Viacom closed at $37.98 yesterday.
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