Miller Tabak lowers its rating on Viacom VIAB to Neutral from Buy and reduces its near-term price target from $60/$56 to $55/$51 to reflect rating issuers' effect on ad revenue.
Miller Tabak notes that it updated its recommendation on the company "due to near-term ratings and ad revenue weakness that may make this the mostat-risk programmer for the upcoming earnings season. While the CEO mentioned in the early February earnings call that a return of advertisers could mean ad growth in this F2Q12, that was only after one month of ratings data; there continued to be slippage at MTV and Nickelodeon."
VIAB closed at $46.40 on Wednesday.
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