Wunderlich Securities Reiterates Hold Rating, $53 PT on Viacom
In a report published Wednesday, Wunderlich Securities reiterated its Hold rating and $53.00 price target on Viacom (NASDAQ: VIAB).
Wunderlich Securities noted, “Viacom (VIA-B) announced pre-close that EVP Strategy and Corporate Development Wade Davis is replacing Jimmy Barge as CFO after a transition period. There is no negative inference, as the 40 year old rising star Davis was integral in the premium EPIX movie net launch, India's Viacom18, the acquisitions of DreamWorks SKG (not great) and Atom Shockwave, and the Teenage Mutant Ninja Turtles deal that has already equated to a high profile Nickelodeon series albeit with a delayed movie launch. Viacom still has a stable of in-house brands but remains under ratings duress at MTV even as it stabilizes Nickelodeon. Paramount is navigating a tough H1 F2013 - with both in-house Paranormal Activity 4 and distributed Rise of the Guardians disappointing.”
Viacom closed on Tuesday at $50.38.
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