UPDATE: Wedbush Raises PT to $52 on Viacom on Relative Valuation

Wedbush reiterated its Outperform rating on Viacom VIAB and raised the price target from $52.00 to $60.00. Wedbush commented, "Despite VIA/B shares' fast start out of the gate this year, valuation discount remains a bulwark against risks, which we see lying primarily in ad growth disappointment. Although Nickelodeon ratings continue to improve – close to flat in key demos in December - Street estimates appear to assume that VIA/B's nets steadily close the gap vs. the industry this year, which may be a stretch. That said, current ~12x 2013E P/E reflects ~20% discount to diversified media peers, which will likely fuel continued aggressive share repurchases by a management that has shown the steadiest commitment of peers to large-scale capital return." Viacom closed at $58.73 on Monday.