UPDATE: Wunderlich Securities Increases PT to $55 on Scripps Network Interactive

Wunderlich Securities raises its price target from $53 to $55 on Buy-rated Scripps Network Interactive SNI largely to reflect a higher S&P 500 level. Wunderlich Securities comments, "The bull case on Scripps is i) Food Network sustaining a perennial top ten cable net spot; ii) Travel ratings improving so as to support affiliate fee repricing; iii) SNI digital realizing its potential for tablets and OTT; and iv) Scripps achieving better results internationally. The interesting game at SNI remains the equilibrium between pushing new programming hours at Travel Channel, likely to be reassessed in 2013, with the concomitant costs and benefit to ratings flowing through to affiliate fee and ads." SNI closed at $47.50 on Thursday.