AMC Networks Shares Higher After Albert Fried Speculates Netflix Could Bid for Co., Upgrades to Overweight
Albert Fried's Rich Tullo upgraded shares of AMC Networks (NASDAQ: AMCX) from Under Weight to Overweight Friday morning amid speculation Netflix (NASDAQ: NFLX) could make a bid for the company. Tullo boosted his price target on AMC Networks from $43 to $80.
Tullo warned the Netflix for AMC theory is "speculative and based on Mosaic Theory which is analysis derived from irrelevant public information used to create an opaque reflection of insider information which could ultimately prove to be inaccurate."
Despite concerns of near-term risk related to DISH (NASDAQ: DISH), Tullo noted AMC's "programming will amplify top-line growth as well as content expenses in 2013E as AMCX needs to invest in new programming to replace a fast maturing Sunday Night serial programming schedule with few syndicate market options."
Shares of AMC Networks are up more than 2 percent at last check.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.