Nomura Securities on U.S. Media: More Buyers Than Sellers - 2Q11 Earnings Preview
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Price: $40.77 --0%
Rating Summary:
20 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
20 Buy, 12 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Nomura Securities on U.S. Media: More Buyers Than Sellers - 2Q11 Earnings Preview
Nomura analyst, Michael Nathanson, said, "We are updating our 2Q estimates for CBS (NYSE: CBS), Time Warner (NYSE: TWX), Viacom (NYSE: VIA-B, Discovery (Nasdaq: DISCA), and Scripps Networks (NYSE: SNI) after already revising our Disney (NYSE: DIS) and News Corp (Nasdaq: NWSA) estimates. We project CBS and SNI to have the most upside to earnings vs. current consensus estimates. For CBS, we are raising our 2Q EPS by $0.05 to $0.50, which is now $0.06 ahead of consensus, led by double-digit growth at the Entertainment segment as the Netflix (Nasdaq: NFLX) deal begins to hit the financials. For SNI, we are increasing our estimates slightly and now project 2Q EPS of $0.76, vs. consensus of $0.71 due to slightly lower expenses at the networks."
"We are adjusting our price targets as a result of the lower market multiple and to incorporate our CY12 estimate changes across our coverage universe. Our price targets are higher for VIAB (from $57 to $58) and SNI (from $49 to $50), lower for TWX (from $39 to $38) and DISCA (from $46 to $43) while CBS, DIS and NWSA are unchanged. At current levels, we see the most revaluation potential at News Corp (27%), Viacom (15%) and Disney (14%)."
Nomura analyst, Michael Nathanson, said, "We are updating our 2Q estimates for CBS (NYSE: CBS), Time Warner (NYSE: TWX), Viacom (NYSE: VIA-B, Discovery (Nasdaq: DISCA), and Scripps Networks (NYSE: SNI) after already revising our Disney (NYSE: DIS) and News Corp (Nasdaq: NWSA) estimates. We project CBS and SNI to have the most upside to earnings vs. current consensus estimates. For CBS, we are raising our 2Q EPS by $0.05 to $0.50, which is now $0.06 ahead of consensus, led by double-digit growth at the Entertainment segment as the Netflix (Nasdaq: NFLX) deal begins to hit the financials. For SNI, we are increasing our estimates slightly and now project 2Q EPS of $0.76, vs. consensus of $0.71 due to slightly lower expenses at the networks."
"We are adjusting our price targets as a result of the lower market multiple and to incorporate our CY12 estimate changes across our coverage universe. Our price targets are higher for VIAB (from $57 to $58) and SNI (from $49 to $50), lower for TWX (from $39 to $38) and DISCA (from $46 to $43) while CBS, DIS and NWSA are unchanged. At current levels, we see the most revaluation potential at News Corp (27%), Viacom (15%) and Disney (14%)."
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