Maxim Group maintains a 'Hold' on AMC Networks (AMCX); Solid Q1; Concerns Remain Regarding DISH

Maxim Group maintains a 'Hold' on AMC Networks (NASDAQ: AMCX).

Analyst, John Tinker, said, "AMCX reported strong 1Q12 revenues of $326M (up 20% y/y), higher than both our estimate of $293M and the consensus estimate of $302M. EBITDA of $126M (up 26% y/y) was higher than our estimate of $111M and the consensus estimate of $104M...We are raising our FY12 revenue estimates to $1,349M (up 14% y/y), up from our prior estimate of $1,283M. We are also raising our EBITDA estimate for FY12 to $517M (up 17% y/y). up from $497M. We are raising our revenue and EBITDA estimates due to the 1Q12 beat and increased confidence in AMC’s original programming, which is enjoying strong ratings growth for Mad Men Season 5 and the upcoming Breaking Bad Season 5 in July 2012. Upfront advertising discussions appear to be going well."

"We continue to recommend that investors remain on the sidelines due to relative valuation concerns."

Tinker also notes that DISH (Nasdaq: DISH) Chairman, Charlie Ergen has a history of carriage disputes with the Dolans)

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

Shares of AMC Networks closed at $40.50 yesterday.

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