Piper Jaffray On Scripps Downgrade: The Stock Is Now Worth $73/Share

Piper Jaffray downgraded Scripps Networks Interactive, Inc. SNI Monday to Neutral and cut its price target from $88 to $73.

The firm noted that with “softening of the Upfront advertising commitments and a shift to digital advertising,” Scripps was “the most exposed” across the firm’s coverage universe with 70 percent of the company’s revenue generated from advertising.

While the firm’s analysts liked the company for its “stronghold over upscale women,” it was believed that the current valuation already reflected its strengths.

The firm concluded that the company’s ad revenue growth would slow and preferred “to wait on the sidelines” until ad trends regained momentum.

Scripps Networks Interactive, Inc. recently traded at $69.56, up 0.80 percent.