UPDATE: Goldman Sachs Upgrades Scripps Networks Interactive to Buy on Higher Deals and Share Count
Goldman Sachs increased its rating on Scripps Networks Interactive (NYSE: SNI) from Sell to Buy and raised its price target from $50 to $63.
Goldman Sachs said, "We upgrade Scripps Networks to Buy from Sell with 18% upside potential to our revised $63 target price ($50 prior). Our 2012/13/14E EPS is increased by 5%/13%/13% due to lower share count, higher advertising and online streaming deal. Since SNI was added to our Sell list on January 31, 2011, its shares are up 14% vs. the S&P up 4%. We see the stock being bolstered by strong TV ratings (especially at Food), limited international exposure and the potential EPS accretion from online streaming deals and a potential Food Network buy-in that alone could boost 2013 EPS by around 14% and lower the P/E by a turn and half."
Scripps Networks Interactive closed at $52.88 on Thursday.
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