Cowen & Co. Initiates RHI Entertainment (RHIE) with a Neutral

July 28, 2008 9:29 AM EDT

Cowen & Co. initiates coverage on RHI Entertainment (NASDAQ: RHIE) with a Neutral rating.

The firm said, "We like RHI's business model and competitive positioning and we believe that the company has the opportunity to significantly benefit from an aggressive strategy to increase library utilization. However, we have concerns about the company's relatively high debt load and low interest coverage ratios. The company needs to prove that it can achieve substantially higher monetization of its large library of made-for-TV content. We believe RHIE shares are likely to perform in-line with the market until the company is able to show definitive evidence of significantly increased library monetization."

RHI Entertainment, Inc. develops, produces and distributes new made-for-television movies, mini-series and other television programming worldwide..

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