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

Piper Jaffray downgraded Viacom

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.