BTIG Raises Price Target and Estimates on AMC Networks (AMCX), Ok Second Times a Charm, I Hope

BTIG is reiterating its Buy rating on shares of AMC Networks (Nasdaq: AMCX), but is raising its price target from $48 to $50 after calculating it incorrectly on its June 24, 2011 initiation.

The firm notes that they incorrectly used a weighted average cost of debt for AMCX that was roughly in-line with Cablevision’s historic cost of debt (mid 6% range).

The company's $2.4 billion of gross debt will be comprised of a $1.16 billion Term Loan A, $560 million Term Loan B, and $700 million of notes at 7.75 percent. The firm believes that this type of blended interest cost should be in the mid-4% range.

BTIG also states that near-term earnings and free cash flow will most likely be higher than they had forecasted on June 24.

The firm is raising its 2012 EPS estimate from $2.19 to $2.60 and its 2012 cash flow per share estimate from $3.54 to $3.95.

For more ratings news on AMC Networks click here and for the rating history of AMC Networks click here.

Shares of AMC Networks closed at $2.40 yesterday, with a 52 week range of $-$.

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