Nomura Securities Bullish on U.S. Media
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Price: $90.04 --0%
Rating Summary:
3 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
3 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Nomura Securities Bullish on U.S. Media by Michael Nathanson
Nathanson said, "Post 2Q we are adjusting our estimates for Scripps Network (NYSE: SNI) and Discovery (Nasdaq: DISCA). We have modestly increased our revenue and EBIDTA growth assumptions at DISCA, as well as higher share repurchases, but assume higher taxes and interest expense. Our CY12 EPS goes to $2.32 from $2.35, and our price target goes to $42 from $43. At SNI, we flow through the 2Q beat and expect more challenging advertising comps and timing of expenses. We are increasing our 2011E EPS to $2.90 from $2.88. Our price target goes to $48 from $50 to reflect a lower market multiple and earnings revisions. We maintain a neutral rating on DISCA and SNI."
Nathanson said, "Post 2Q we are adjusting our estimates for Scripps Network (NYSE: SNI) and Discovery (Nasdaq: DISCA). We have modestly increased our revenue and EBIDTA growth assumptions at DISCA, as well as higher share repurchases, but assume higher taxes and interest expense. Our CY12 EPS goes to $2.32 from $2.35, and our price target goes to $42 from $43. At SNI, we flow through the 2Q beat and expect more challenging advertising comps and timing of expenses. We are increasing our 2011E EPS to $2.90 from $2.88. Our price target goes to $48 from $50 to reflect a lower market multiple and earnings revisions. We maintain a neutral rating on DISCA and SNI."
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