BMO Capital Downgrades ViacomCBS (VIAC) to Underperform
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BMO Capital analyst Daniel Salmon downgraded ViacomCBS (NASDAQ: VIAC) from Market Perform to Underperform with a price target of $70.00 (from $60.00).
The analyst commented, "We examined the streaming businesses in detail here and offered a first take on investor day here. In this note, we update our model for 4Q20 results and new 2024 streaming guidance, roll out new global streaming estimates, and (more importantly) transition valuation to 10-year DCF for streaming (same as DIS). This yields a higher target price of $70 ($45 for streaming, $25 for core) vs. $60 previously, but the stock has run beyond this, thus we downgrade to Underperform."
Shares of ViacomCBS closed at $94.94 yesterday.
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