UPDATE: Wedbush Raises PT to $52 on Viacom on Relative Valuation
Wedbush reiterated its Outperform rating on Viacom (NASDAQ: VIAB) and raised the price target from $52.00 to $60.00.
Wedbush commented, "Despite VIA/B shares' fast start out of the gate this year, valuation discount remains a bulwark against risks, which we see lying primarily in ad growth disappointment. Although Nickelodeon ratings continue to improve – close to flat in key demos in December - Street estimates appear to assume that VIA/B's nets steadily close the gap vs. the industry this year, which may be a stretch. That said, current ~12x 2013E P/E reflects ~20% discount to diversified media peers, which will likely fuel continued aggressive share repurchases by a management that has shown the steadiest commitment of peers to large-scale capital return."
Viacom closed at $58.73 on Monday.
Latest Ratings for VIAB
|Jul 2016||Atlantic Equities||Upgrades||Underperform||Neutral|
|Jul 2016||Wells Fargo||Downgrades||Market Perform||Underperform|
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