Market Overview

UPDATE: Piper Jaffray Downgrades Viacom to Neutral on Moderating Growth and Buyback

Related VIAB
UPDATE: Morgan Stanley Reiterates On Viacom On Positive Mid-Year Outlook
Barclays Initiates Coverage On Media Sector, Does Not See Much Upside
Binge Watching, Sports at Center of Fox Bid for Time Warner (Fox Business)

Piper Jaffray downgraded Viacom (NASDAQ: VIAB) from Overweight to Neutral and raised the price target from $53.00 to $58.00.

Piper Jaffray noted, "Our call incorporates a continued slow growth profile, a richer valuation and moderating impact of a buyback plan. While the rate of ratings declines have moderated, we still see some time before these investments have a positive impact on ad growth, leaving investors time to move back into the shares if the investment is eventually successful. The company's massive $10B buyback authorization continues, but the accretive impact of those buybacks have moderated as the VIAB shares crossed $60 and our estimated fair value."

Viacom closed at $60.35 on Thursday.

Posted-In: Piper JaffrayAnalyst Color Downgrades Analyst Ratings

 

Most Popular

Related Articles (VIAB)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free