UPDATE: Miller Tabak Downgrades AMC Networks to Neutral
Miller Tabak lowers its rating on AMC Networks (NASDAQ: AMCX) to Neutral from buy on valuation grounds.
Miller Tabak notes, "We are downgrading our AMC Networks (AMCX-$41.82-Neutral-ST Target $44, LT $49) recommendation to Neutral from Buy as the stock as has appreciated close to our $44 target (+5% appreciation potential from here), and our LT $49, while a potential +17% potential appreciation potential from here, might be achievable if there is increased speculation of a potential takeout of AMCX, which we do not think would be the case any time soon – the company was only recently spun into independence and they have recently built the infrastructure to run as a standalone public company."
AMCX closed at $41.82 a share yesterday.
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