UPDATE: Stifel Raises PT on AMC Networks on 3Q13 Earnings Preview, 4Q Estimates
In a report published Monday, Stifel analyst Benjamin Mogil reiterated a Buy rating on AMC Networks (NASDAQ: AMCX), and raised the price target from $72.00 to $78.00.
In the report, Stifel noted, “We are raising our target price on AMC Networks as we preview 3Q13 earnings and move ahead of consensus estimates for 4Q. Third-quarter results will likely focus on the Affiliate contribution as the Advertising contribution will likely be attributed, correctly or incorrectly, to ‘Breaking Bad.' For 4Q13, stronger ratings and aggressive pricing tied to ‘Walking Dead' lead our estimates higher. Our estimates for 2014 are lowered as the last season of ‘Mad Men' is split into two years (with an increase to 2015) but operationally the move allows for additional lead-in opportunities for new programs. Our new target is $78.”
AMC Networks closed on Friday at $69.99.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.