Nomura Securities Maintains a 'Neutral' on Scripps Networks Interactive (SNI); Q2 Review
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Price: $68.29 --0%
Rating Summary:
4 Buy, 10 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 6
Rating Summary:
4 Buy, 10 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 6
Trade SNI Now!
Nomura Securities maintains a 'Neutral' on Scripps Networks Interactive (NYSE: SNI) price target of $53.00 (from $51.00)
Analyst, Michael Nathanson, said, "Scripps Networks posted 2Q EPS of $0.93, exceeding our and the Street’s estimates by $0.06. For the year, we are raising EPS estimates, driven by lower taxes and incorporating an accelerated pace for share repurchases of $1bn in 2012. Following an in-line 2Q advertising number, scatter pricing commentary for the 3Q only seemed slightly weaker on the lower end of mid-to-high single digits. We are increasing our 2012 Lifestyle Media total expense growth to 13% Y/Y. We believe SNI shares are largely trading at fair value. We are raising our target, reflecting a higher market multiple and our increased 2013 estimates from buybacks and lower taxes. However, we caution that, like some of its peers, the 4Q story is dependent on continued ratings success and underlying strength in the advertising market."
F12E EPS from $3.36 to $3.43; F13E EPS from $3.85 to $3.92
For an analyst ratings summary and ratings history on Scripps Networks Interactive click here. For more ratings news on Scripps Networks Interactive click here.
Shares of Scripps Networks Interactive closed at $56.17 yesterday, with a 52 week range of $33.82-$57.75.
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Analyst, Michael Nathanson, said, "Scripps Networks posted 2Q EPS of $0.93, exceeding our and the Street’s estimates by $0.06. For the year, we are raising EPS estimates, driven by lower taxes and incorporating an accelerated pace for share repurchases of $1bn in 2012. Following an in-line 2Q advertising number, scatter pricing commentary for the 3Q only seemed slightly weaker on the lower end of mid-to-high single digits. We are increasing our 2012 Lifestyle Media total expense growth to 13% Y/Y. We believe SNI shares are largely trading at fair value. We are raising our target, reflecting a higher market multiple and our increased 2013 estimates from buybacks and lower taxes. However, we caution that, like some of its peers, the 4Q story is dependent on continued ratings success and underlying strength in the advertising market."
F12E EPS from $3.36 to $3.43; F13E EPS from $3.85 to $3.92
For an analyst ratings summary and ratings history on Scripps Networks Interactive click here. For more ratings news on Scripps Networks Interactive click here.
Shares of Scripps Networks Interactive closed at $56.17 yesterday, with a 52 week range of $33.82-$57.75.
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