TD Newcrest Downgrades Corus Entertainment (CJR) to Hold; Implications of BCE's Bid for Astral

TD Newcrest downgraded Corus Entertainment (NYSE: CJR) from Buy to Hold, price target raised from C$24 to C$25.

TD analyst said, "The takeover offer for Astral is likely to create some degree of scarcity premium in the public market for Corus shares, in our view. As a result, we are increasing our target price by $1.00, to $25.00. The strong performance of Corus shares on Friday implies that there is some degree of takeover premium inherent in the current price, in our view. We believe that a takeover offer for Corus is unlikely in the near term and, as a result, are downgrading the shares."

For an analyst ratings summary and ratings history on Corus Entertainment click here. For more ratings news on Corus Entertainment click here.

Shares of Corus Entertainment closed at $19.06 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Citi Upgrades Sirius XM Radio (SIRI) to Neutral, 'risk-reward is balanced at prevailing levels'
• Novartis (NOVN:SW) (NVS) PT Raised to CHF108 at Bernstein SocGen Group
• Citi Downgrades Molson Coors (TAP) to Sell, 'Cycling 2023 Could Be a Mountain Too Hard to Climb'