UPDATE: Morgan Stanley Reiterates On Viacom On Positive Mid-Year Outlook
In a report published Tuesday, Morgan Stanley analyst Benjamin Swinburne reiterated an Equal-Weight rating on Viacom (NASDAQ: VIAB), and raised the price target from $91.00 to $94.00.
In the report, Morgan Stanley noted, “Over the last three FYs, roughly 70% of Viacom's 13% EPS growth has come through buybacks, which we expect to continue to fuel growth against a backdrop of softening ratings. This suggests VIA's below peer P/E is appropriate. Remain EW, raising PT to $94 as we move to mid-year ‘15.”
Viacom closed on Tuesday at $85.03.
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