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Morgan Stanley Maintains $52 Target on Viacom, Lowers Estimates


Morgan Stanley reiterates its Equal-weight rating and $52 price target on Viacom, Inc. (NYSE: VIA.B) but adjusts down estimates as Nick ratings fall as the company tries to balance online and traditional content.

Morgan Stanley comments, “Lowering F1Q domestic ad growth to ~2-3% and FY12 to ~4%, but expect acceleration in F2Q due to seasonality: Quarter-to-date live cable ratings for VIA's key demos indicated YoY declines of 13%, including 17% declines at Nick, the most significant network contributor to ad revenues in the December quarter. As such, we are reducing our domestic ad growth estimate for F1Q to ~2-3% and our FY12 by ~150bps to ~4%.”

VIA.B closed Wednesday's session trading at $44.76 per share.


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Posted-In: Morgan StanleyAnalyst Color Reiteration Pre-Market Outlook Analyst Ratings

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