Wunderlich Securities Downgrades Scripps Network Interactive (SNI) to Hold
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Wunderlich Securities downgrades Scripps Network Interactive (NYSE: SNI) from Buy to Hold. Price target $42.
Wunderlich analyst says, "Downgrading SNI with the stock having already broached our $38 vicinity fair 2009 valuation. We are positive on the Travel Channel acquisition, with our S&P 500 linked valuation template suggesting a fair 2010 valuation for Travel that is approximately in synch with the $975 mm deal price. HGTV and Food Network continue their breakout ratings momentum although the lackluster economy exacerbates the lag in ad dollar benefit. Our forecast model has 16% PF annual Lifestyle profit growth out to 2012 and a generous 5% LT growth rate to reflect international opportunities."
To see more analyst ratings on SNI Click Here.
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