Wells Fargo Upgrades Viacom (VIAB) to Outperform; Time To Tune In
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Price: $68.96 -0.19%
Rating Summary:
6 Buy, 8 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
6 Buy, 8 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade VIAB Now!
Wells Fargo upgraded Viacom (NASDAQ: VIAB) from Market Perform to Outperform with a price target of $57-$59 (from $50-$52).
Analyst, Marci Ryvicker, said, "We have been on the sidelines since launching coverage of VIAB on Jan. 30th primarily due to the ratings declines across the majority of VIAB's cable networks. At this point, we have just 6 more weeks until ratings and ad revenue comps start to ease, which is likely to be a catalyst for the stock. Plus, a) in our view the stock is still cheap (10.7x NTM P/E versus sector average of 12.8x and its own historical average of 13.9x); b) Street expectations have come way down based on recent downgrades as well as estimate cuts; c) the recent DirecTV (NYSE: DTV) carriage deal solidifies high single digit to low double digit affiliate fee growth for the foreseeable future; and d) the stock's relative underperformance is garnering some real buy-side attention."
For an analyst ratings summary and ratings history on Viacom click here. For more ratings news on Viacom click here.
Shares of Viacom closed at $49.94 yesterday, with a 52 week range of $41.72-$50.21.
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Analyst, Marci Ryvicker, said, "We have been on the sidelines since launching coverage of VIAB on Jan. 30th primarily due to the ratings declines across the majority of VIAB's cable networks. At this point, we have just 6 more weeks until ratings and ad revenue comps start to ease, which is likely to be a catalyst for the stock. Plus, a) in our view the stock is still cheap (10.7x NTM P/E versus sector average of 12.8x and its own historical average of 13.9x); b) Street expectations have come way down based on recent downgrades as well as estimate cuts; c) the recent DirecTV (NYSE: DTV) carriage deal solidifies high single digit to low double digit affiliate fee growth for the foreseeable future; and d) the stock's relative underperformance is garnering some real buy-side attention."
For an analyst ratings summary and ratings history on Viacom click here. For more ratings news on Viacom click here.
Shares of Viacom closed at $49.94 yesterday, with a 52 week range of $41.72-$50.21.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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