In a report published Friday, Wunderlich Securities analyst Matthew Harrigan reiterated a Buy rating and $90.00 price target on Scripps Networks Interactive SNI.
In the report, Wunderlich Securities noted, "We had initially been expecting to be lowering our price target somewhat on Buy-rated Scripps Networks Interactive (SNI) following yesterday's disappointing Q4 Lifestyle network advertising result (up just 0.3% vs. our 2.3% estimate ) and guidance for overall 4% 2015E top line growth versus our former 5.7% estimate. However, the company's new focus on expense containment actually pushes down 2016 Lifestyle expenses by about $2mm relative to former estimates with the 2019E cost savings benefit improving to nearly $25mm. The perverse outcome is that our S&P 500 linked price target is actually flat at $90. We continue to think that SNI is advantaged by its networks' adaptability to digital and the Teflon character of its viewing levels even with the advent of more time-shifted viewing."
Scripps Networks Interactive closed on Thursday at $72.61.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in