UPDATE: Wunderlich Securities Downgrades Scripps Networks Interactive to Hold, Reiterates $77 PT on Continued Positive Outlook

In a report published Wednesday, Wunderlich Securities analyst Matthew Harrigan downgraded the rating on Scripps Networks Interactive (NYSE: SNI) from Buy to Hold, but reiterated the $77.00 price target.In the report, Wunderlich Securities noted, “We are now lowering our rating on Scripps Networks Interactive (SNI) to Hold while pushing our $77 price target out to 2014. We still maintain a positive bias, as the PT is premised entirely on the extant businesses and ignores wild card upside on global expansion such as Asian Food Channel and even peripheral efforts akin to the CityEats digital venture stateside. HGTV and DIY should benefit from the housing recovery as long as it sustains itself, while Food Network ratings issues appear somewhat tolerable as ratings often do not nicely correlate with ad sales. Although there are periodic distractions such as the non-renewal of already ratings-challenged Paula Deen, LT upside for SNI also resides in evolving to maximize upside (or ameliorate damage) from developments such as Apple TV.”Scripps Networks Interactive closed on Tuesday at $72.52.