UPDATE: Bank of America Reiterates Buy Rating on AMC Networks, Notes Positive Outlook
In a report published Tuesday, Bank of America reiterated its Buy rating on AMC Networks (NASDAQ: AMCX) focusing on positive outlook and $66 price objective.
Bank of America reported that, “Despite the unusually noisy Q, affiliate revenues appear poised to accelerate in 2013, advertising growth potential still appears solid and VOOM cash benefits have yet to flow through. Also, w/ leverage set to fall to 2.2x by CY14E, AMCX offers one of the last untapped capital return scenarios in Media & Entertainment.”
AMC Networks shares closed at $53.06 on Monday.
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