Stifel Remains Sidelined on AMC Networks (AMCX) Following Announced Agreement with Altice USA

Stifel reiterated a Hold rating and $56.00 price target on AMC Networks (NASDAQ: AMCX) following the company's announcement that it has reached a long-term agreement for Altice USA to carry the entire AMC cable network portfolio.

Analyst Benjamin Mogil commented, "Yesterday after market close, AMC Networks (Hold, $52.80) and Altice have confirmed that they have reached a long-term agreement for Altice USA to carry the entire AMC cable network portfolio. Deal terms were not disclosed and we await updated marketing materials from Altice USA to determine on whether or not the AMC cable network portfolio was re-tiered. As we had noted before, we viewed the Altice renewal likely more tied to tiering than pricing, which could set a negative precedent going forward. Net net, we view the deal getting done before the new year as positive but await tiering details to provide our final view on the deal."

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 $52.80 yesterday.

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