UPDATE: Evercore Partners Lowers Target to $57 on Viacom

Evercore Partners maintains its Overweight rating on Viacom

, but lowers its price target to $57 from $60 on lower-than-expected ad revenue. Evercore Partners notes, "The ad revenue shortfall was offset by higher media division margins up 190 bps, largely due to timing. We estimate 70 bps due to higher OTT sales and the balance due to the timing of programming costs. We are only projecting 80 bps of margin expansion for the full year. Media division operating income grew more than revenue during the quarter." VIAB closed at $46.69 a share on Thursday.