UPDATE: Sterne Agee Initiates Scripps Networks Interactive at Neutral on In-Line Forecast

In a report published Thursday, Sterne Agee analyst Vasily Karasyov initiated coverage on Scripps Networks Interactive SNI with a Neutral rating and $71.00 price target.

In the report, Sterne Agee noted, “Our analysis shows that a constant P/E is the most reasonable assumption for SNI in the next 12 months at this point. Combined with our forecast, which is in-line with the Street, we see 8% upside to SNI stock price and therefore initiate with a Neutral rating. If Food Network ratings keep declining in the fourth quarter of 2013, a more compelling entry point may present itself.”

Scripps Networks Interactive closed on Thursday at $64.40.