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UPDATE: Deutsche Bank Downgrades Scripps Networks Interactive to Hold, Lowers PT

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In a report published Monday, Deutsche Bank downgraded its rating on Scripps Networks Interactive (NYSE: SNI) from Buy to Hold, and lowered its price target from $76.00 to $65.00.

Deutsche Bank noted, “We are lowering our DCF-based target price, predominately as a result of lower estimates due to poor viewership trends at the Food Network, as well as fine tuning affiliate growth and investment losses based on management commentary at a recent conference. With more limited upside to our target price, a Hold rating becomes appropriate. We had been patient with soft Food Network ratings trends post-Olympics, hoping for a turnaround while waiting for Tribune to emerge from bankruptcy as we expected SNI would successfully be able to buy in the Food minority stake from Tribune.”

Scripps Networks Interactive closed on Friday at $59.83.

Latest Ratings for SNI

DateFirmActionFromTo
Oct 2016Bank of AmericaDowngradesNeutralUnderperform
Sep 2016Moffett NathansonDowngradesNeutralSell
Aug 2016Evercore ISI GroupDowngradesBuyHold

View More Analyst Ratings for SNI
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Posted-In: Deutsche BankAnalyst Color Downgrades Analyst Ratings

 

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