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UPDATE: Bank of America Upgrades Shaw Communications to Buy on Competitive Dynamics

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Bank of America raised its rating on Shaw Communications (NYSE: SJR) from Neutral to Buy and raised its price objective to $23.25.

Bank of America commented, "We have hiked our rating, estimates and our PO … following a strong 4Q12. … These revisions reverse the negative EPS revisions trend in place since 1H11. … Shaw's strong 4Q12 results indicate that promotional discounting is now easing (with more to come), and suggest a new competitive equilibrium. Recent commentary from both TELUS and Shaw is consistent with this view. [W]e should see a structural improvement in Shaw's subscriber performance over the next two years as the TELUS TV subscriber base expands and ages -- even if Shaw does not close the TV product gap. We see pricing headroom, with triple-play ARPU for Shaw below average at ~$132."

Shaw Communications closed at $21.10 on Friday.

Latest Ratings for SJR

Jul 2016Bank of AmericaInitiates Coverage onUnderperform
Apr 2016BarclaysInitiates Coverage onEqual-Weight
Oct 2015BarclaysMaintainsEqual-Weight

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Posted-In: Bank of AmericaAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings


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