UPDATE: Miller Tabak Downgrades AMC Networks to Neutral

Miller Tabak lowers its rating on AMC Networks

to Neutral from buy on valuation grounds. Miller Tabak notes, "We are downgrading our AMC Networks (AMCX-$41.82-Neutral-ST Target $44, LT $49) recommendation to Neutral from Buy as the stock as has appreciated close to our $44 target (+5% appreciation potential from here), and our LT $49, while a potential +17% potential appreciation potential from here, might be achievable if there is increased speculation of a potential takeout of AMCX, which we do not think would be the case any time soon – the company was only recently spun into independence and they have recently built the infrastructure to run as a standalone public company." AMCX closed at $41.82 a share yesterday.