UBS Maintains a 'Buy' on Viacom (VIA-B); Lowering Estimates/Scatter & Ratings Soft

UBS maintains a 'Buy' on Viacom (NYSE: VIA-B) price target lowered $2 to $54.

UBS analyst says, "Lowering Advertising Estimates: We now forecast US adv to grow 1% in F1Q (prior +6%), our int’l ad growth est of +2% (ex f/x impact) is unchanged and total ad growth is +1.4% (prior +6%). Our Media nets op. income est is now $1,120M (prior $1,158M). Our OI margin est of 44.4% is a decrease from our prior 44.7% est; up 60bps y/y. We are also lowering F2Q adv est to +4% in US and +3% int’l (ex f/x) from +.5% and +5%, respectively."

"Revised Estimates: There are no changes to our Film or Corp estimates and our F1Q total company OI forecast is now $997M vs. our previous $1,035M estimate. We are lowering our F1Q, F2Q, and F12 EPS estimates to $1.03 (FC: $1.09), $0.90 (FC: $0.91), and $4.21 (FC: $4.29) from $1.07, $0.91, and $4.26, respectively."

For an analyst ratings summary and ratings history on Viacom click here. For more ratings news on Viacom click here.

Shares of Viacom closed at $44.76 yesterday.

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