UPDATE: Imperial Capital Downgrades Ascent Capital Group to In-Line, Raises PT on Comparative Valuation

In a report published Friday, Imperial Capital analyst Jeff Kessler downgraded the rating on

from Outperform to In-Line, but raised the price target from $75.00 to $89.00. In the report, Imperial Capital noted, “We are downgrading our rating to In-Line from Outperform and raising our one-year price target to $89 from $75, based on comparative valuation and anticipated account acquisitions. Pre-acquisition and on a consolidated basis, Ascent has $100.4mn of cash and cash equivalents, $2.6mn of restricted cash, and $142.9mn of marketable securities. Management has noted that this includes roughly $19mn, which was drawn on the revolver just prior to quarter end to make its biannual interest payment on the senior notes due 4/1/13. Pre-acquisition, the company has approximately $1.1bn of total debt, representing a net debt of $899mn.” Ascent Capital Group closed on Thursday at $79.08.