Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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The brokerage noted that HGTV and the Food Network remain key growth drivers, as the company expands internationally, and in the digital and subscription video-on-demand markets.
Scripps Networks' second-quarter EPS beat the consensus estimate by $0.08. Revenue rose 22 percent to $893 million, driven by contributions from the Polish network TVN, acquired in September 2015, and strong advertising revenue growth.
Consolidations In The Cable Space
However, investors focused on the 3.6 drop in U.S. affiliate revenue due to rate equalization by newly consolidated cable distributors. Argus said the cable company rate equalization had been expected after the consolidations of AT&T Inc. (NYSE: T) with DirecTV and Charter Communications, Inc. (NASDAQ: CHTR) with Time Warner Cable and Brighthouse.
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What That Means For Scripps
The company expects cable rates to return to more normal mid- to high-single-digit growth in 2017 and beyond. Scripps' shares fell 7 percent after the release of second-quarter results, although they have already recovered half of this lost ground.
"SNI is attractively priced relative to peers, and its 15.5 percent return on invested capital far outpaces the returns of competitors," analyst Joseph Bonner wrote in a note.
Bonner, however, cut his 2016 EPS estimate by a penny to $5.18 and 2017 forecast to $5.43 from $5.51.
At time of writing, shares of Scripps Networks were down 0.64 percent to $63.67. The $100 price target represents a potential upside of 56 percent over Monday's close of $64.08.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.