Wedbush Raises Price Target on Viacom (VIA.B), Solid Quarter Followed By Strong Market Trends
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Price: $41.87 +0.67%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is reiterating its Outperform rating and is raising its price target from $60 to $65 on shares of Viacom (NYSE: VIA.B) following what they call is "Margin Madness."
The company released its June quarter results well ahead of the firms expectations. During the quarter, Media Networks advertising growth reached 14 percent, networks margin expansion increased by 390 bps, and the company announced its buyback guidance above what the Wedbush was forecasting.
Viacom reported June quarter sales of $3.77 billion, EPS of $0.99, and operating income of $981 million, all ahead of what the firm and Street was anticipating.
As a result of the strong quarter and current market trends, Wedbush is increasing its FY11 and FY12 EPS estimates from $3.63 and $4.11 to $3.77 and $4.26, which the Street is looking for $3.62 and $4.17. The firm also raised its revenue estimates from $14.42 billion and $15.5 billion to $14.68 billion and $15.78 billion. The Street is estimating $14.37 billion and $15.02 billion in revenue for the two years.
For more ratings news on Viacom click here and for the rating history of Viacom click here.
Shares of Viacom closed at $41.59 yesterday, with a 52 week range of $-$.
The company released its June quarter results well ahead of the firms expectations. During the quarter, Media Networks advertising growth reached 14 percent, networks margin expansion increased by 390 bps, and the company announced its buyback guidance above what the Wedbush was forecasting.
Viacom reported June quarter sales of $3.77 billion, EPS of $0.99, and operating income of $981 million, all ahead of what the firm and Street was anticipating.
As a result of the strong quarter and current market trends, Wedbush is increasing its FY11 and FY12 EPS estimates from $3.63 and $4.11 to $3.77 and $4.26, which the Street is looking for $3.62 and $4.17. The firm also raised its revenue estimates from $14.42 billion and $15.5 billion to $14.68 billion and $15.78 billion. The Street is estimating $14.37 billion and $15.02 billion in revenue for the two years.
For more ratings news on Viacom click here and for the rating history of Viacom click here.
Shares of Viacom closed at $41.59 yesterday, with a 52 week range of $-$.
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