Morgan Stanley Initiates Coverage on AMC Networks at Underweight

According to Morgan Stanley, AMC Networks

coverage is initiated with an Underweight rating. Morgan Stanley said that it is initiating coverage of AMCX as a relative Underweight. “AMCX's premium multiple does not reflect the risk to estimates from ratings maturation at AMC or increased programming investment across its portfolio as it navigates an increasingly fragmented and competitive video landscape.” AMC Networks closed yesterday at $32.82.