UPDATE: Wedbush Downgrades Viacom to Neutral on Limited Upside, Near-Term Catalysts
Wedbush downgraded Viacom Inc. (NASDAQ: VIAB) from Outperform to Neutral and maintained a $63.00 price target.
Wedbush said, "We downgrade VIA/B shares to NEUTRAL from OUTPERFORM, as recently raised PT leaves less upside relative to our coverage universe. Our thesis reflects 1) modest upside to Street estimates for FY2013/2014; 2) given shares' outperformance YTD (up 12.2% vs. coverage up 9.6% and S&P 500 up 6.0%), they look more likely to benefit from positive catalysts later in FY2013 or FY2014, than over next 3-6 months; and 3) specifically, ads may lag ratings recovery and confidence in long-term affiliate fee growth may waver, delaying positive re-rating."
Viacom closed at $59.20 on Wednesday.
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