UPDATE: Deutsche Bank Downgrades Scripps Networks Interactive to Hold, Lowers PT
In a report published Monday, Deutsche Bank downgraded its rating on Scripps Networks Interactive (NYSE: SNI) from Buy to Hold, and lowered its price target from $76.00 to $65.00.
Deutsche Bank noted, “We are lowering our DCF-based target price, predominately as a result of lower estimates due to poor viewership trends at the Food Network, as well as fine tuning affiliate growth and investment losses based on management commentary at a recent conference. With more limited upside to our target price, a Hold rating becomes appropriate. We had been patient with soft Food Network ratings trends post-Olympics, hoping for a turnaround while waiting for Tribune to emerge from bankruptcy as we expected SNI would successfully be able to buy in the Food minority stake from Tribune.”
Scripps Networks Interactive closed on Friday at $59.83.
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