Deutsche Bank Downgrades Scripps Networks Interactive (SNI) to Hold on Weak Food Network Trends
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Price: $68.86 --0%
Rating Summary:
4 Buy, 10 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 6
Rating Summary:
4 Buy, 10 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 6
Trade SNI Now!
Deutsche Bank downgraded Scripps Networks Interactive (NYSE: SNI) from Buy to Hold with a price target of $65.00 (from $76.00).
The firm cited lower estimates due to poor viewership trends at the Food Network. They said they had hoped for a turnaround post post-Olympics that didn't materialize. While Scripps Networks' recent underperformance is related to ratings softness at the network, they see the potential for further challenges given tough comps and the ad impact should begin in Q4, among other things.
The also also fined tuned affiliate growth and investment losses based on management commentary at a recent conference.
The firm 4Q EBITDA is lowered $19m to $253m and EPS $0.08 to $0.88. 2013E EBITDA is lowered $74m to $1.100b and EPS $0.42 to $3.58.
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 $59.83 yesterday, with a 52 week range of $41.91-$66.33.
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The firm cited lower estimates due to poor viewership trends at the Food Network. They said they had hoped for a turnaround post post-Olympics that didn't materialize. While Scripps Networks' recent underperformance is related to ratings softness at the network, they see the potential for further challenges given tough comps and the ad impact should begin in Q4, among other things.
The also also fined tuned affiliate growth and investment losses based on management commentary at a recent conference.
The firm 4Q EBITDA is lowered $19m to $253m and EPS $0.08 to $0.88. 2013E EBITDA is lowered $74m to $1.100b and EPS $0.42 to $3.58.
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 $59.83 yesterday, with a 52 week range of $41.91-$66.33.
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