UPDATE: Goldman Sachs Upgrades Scripps Networks Interactive to Buy on Higher Deals and Share Count

Goldman Sachs increased its rating on Scripps Networks Interactive

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.