Macquarie analyst, Amy Yong, thinks the Lions Gate (NYSE: LGF) reset button has been hit. Investor expectations on box office performance and consolidation have been massively reset. With more confidence in establishing the baseline, the analyst thinks it’s time to revisit the name.

TV is expected to become a greater contributor to top line growth. In FY15 ~25% of revenues came from TV content; this number should be ~30% in FY16 and closer to 40% by FY18. The analyst is modeling 4Q/FY16 TV production revenues of US$228m/US$649m. In FY17, she is modeling segment revenues of US$937m. Orange is the New Black was renewed by Netflix for seasons 5-7 giving visibility through FY19. New series in FY17 include: American Lion for HBO, Graves for EPIX, and Feed the Beast for AMC Networks.

No change to $25 PT based on 13x ’18 EV/EBITDA, a modest premium to the implied multiple Comcast paid for DreamWorks ex synergies.

For an analyst ratings summary and ratings history on Lions Gate click here. For more ratings news on Lions Gate click here.

Shares of Lions Gate closed at $19.72 yesterday.