Pacific Crest maintained an Overweight rating on AMC Networks (NASDAQ: AMCX) but lowered its price target to $83.00 (from $88.00). Analyst Andy Hargreaves continues to view the stock as a "buy" and noted demand for its originals remains high.

"We continue to believe AMC's focus on high-quality scripted originals positions it to perform well in a weak ad environment, but also in a market that is transitioning to more on-demand entertainment. We continue to believe solid show performance can drive substantial upside to our estimates and recommend owning AMCX. Our $83 price target is based on 16x our 2016 EPS estimate of $5.17," said Hargreaves.

"Commentary from management suggested that ad pricing continues to be strong for its original programming both at the recent upfront and in the scatter market. If new 2H shows Humans, Fear The Walking Dead, and Into The Badlands attract audiences and CPM's that are at least in line with other recent originals (excluding The Walking Dead), we believe our model would prove conservative," added the analyst.

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Shares of AMC Networks closed at $75.01 yesterday.