The Benchmark Company Lowers PT to $51 on Viacom

A report from The Benchmark Company reiterates its Hold rating and lowers its price target from $53 to $51 on Viacom VIA. The report states, “Viacom… reported solid revenue and EPS for F4Q11 (September) with EPS of $1.06 beating consensus of $1.02. Total revenue grew by 22% y/y to $4 billion, ahead of our estimate and consensus at $3.8 billion. Upside in the quarter was driven by growth in Entertainment, up 46% y/y. Adjusted OIBDA growth of 23% y/y to $1.16 billion benefited from high Entertainment margins as expenses for Transformers were primarily incurred in F3Q.” VIA.B closed yesterday at $43.61.