Piper Jaffray Reiterates Overweight Rating, $53 PT on Viacom

Piper Jaffray reiterates its Overweight rating and $53 price target on Viacom, Inc.

as management is looking into expanding buyback of its shares. According to Piper Jaffray, “Viacom reported adj. EPS of $1.06 in-line with our estimate and above consensus of $1.02. Filmed Entertainment revenue of $1.8B was ahead of our expectations and consensus of $1.5B. Media Networks reported in-line with consensus revenue of $2.3B, but below our estimate of $2.4B. We remain bullish on VIA.B shares based on important trends underway at the company: annual high-single-digits affiliate fee growth, improving film slate, expansion of EPIX distribution and now a major expansion of the share repurchase program from $4B to $10B.” VIA.B closed Thursday's trading at $43.61 a share.