Needham & Company Downgrades 21st Century Fox (FOXA) to Hold
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Bernstein Sees Increased Risk in Media; Disney (DIS) & Time Warner (TWX) Ratings Cut on New Valuation Framework
August 20, 2015 6:45 AM EDT(Updated - August 20, 2015 8:51 AM EDT)
Bernstein analyst Todd Juenger downgraded Walt Disney (NYSE: DIS) and Time Warner (NYSE: TWX) from Outperform to Market Perform due to heightened risk following the recent media implosion. Juenger said affiliate fee revenue stream deserves a higher risk premium than it did before as the pay-tv sub decline accelerates.
Juenger explained, "... the market is now valuing U.S. ad-supported TV businesses as... More
