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CBS

CBS

$61.00

0.51 (0.84%)

, VIA

Viacom

$41.20

0.2 (0.49%)

08:17
11/30/16
11/30
08:17
11/30/16
08:17

Citi lays out Viacom merger scenarios, hikes CBS target to $75

Citi analyst Jason Bazinet laid out three scenarios that he sees as most likely in terms of CBS (CBS) and Viacom (VIA) merging, as he expects to happen. His "base case," to which he assigns a 75% chance, is that CBS acquires Viacom in an all-stock transaction with no premium and $500M in synergies. Bazinet sees a 15% chance that CBS buys Viacom and pares its cable networks to just six key properties. He also sees a chance, but only assigns a 5% likelihood, to CBS selling "the lion's share" of Viacom assets, including Paramount. Weighting all these scenarios, Bazinet increased his price target on CBS shares to $75 from $59 and keeps a Buy rating on the stock, while trimming his target on Viacom to $40 from $41and maintaining a Neutral rating on its shares.

CBS

CBS

$61.00

0.51 (0.84%)

VIA

Viacom

$41.20

0.2 (0.49%)

VIAB

Viacom

$36.95

0.16 (0.43%)

  • 05

    Dec

CBS CBS
$61.00

0.51 (0.84%)

11/15/16
FBRC
11/15/16
DOWNGRADE
Target $44
FBRC
Market Perform
Viacom downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Barton Crockett downgraded Viacom (VIAB) to Market Perform saying he sees a better risk/reward in CBS (CBS) until the "merger noise is cleared." The analyst lowered his price target for Viacom shares to $44 from $56.
11/23/16
BMOC
11/23/16
DOWNGRADE
BMOC
Market Perform
CBS downgraded to Market Perform from Outperform at BMO Capital
11/23/16
BMOC
11/23/16
DOWNGRADE
BMOC
Market Perform
CBS downgraded on valuation, deal outlook at BMO Capital
As noted earlier, BMO Capital downgraded CBS (CBS) to Market Perform from Outperform. Analyst Daniel Salmon downgraded the stock based on valuation and his belief that the shares will soon begin to trade based on a potential deal with Viacom (VIA, VIAB). Target $63.
11/23/16
11/23/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. CBS (CBS) downgraded to Market Perform from Outperform at BMO Capital with analyst Daniel Salmon citing valuation and his belief that the shares will soon begin to trade based on a potential deal with Viacom (VIA, VIAB). 2. Abercrombie & Fitch (ANF) downgraded to Sell from Hold at Deutsche Bank with analyst Tiffany Kanaga saying the Abercrombie brand turnaround is yet to gain traction. 3. Twitter (TWTR) downgraded to Negative from Mixed at OTR Global. 4. HP Inc. (HPQ) downgraded to Hold from Buy at Jefferies with analyst James Kisner citing valuation and secular challenges for the downgrade. 5. First Solar (FSLR) downgraded to Neutral from Outperform at Macquarie with analyst Gurpreet Gujral citing a lack of catalysts after the company canceled the Series 5 product that was originally scheduled to launch in 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VIA Viacom
$41.20

0.2 (0.49%)

10/20/16
BMUR
10/20/16
NO CHANGE
Target $65
BMUR
Buy
CBS extraordinarily well positioned, says Brean Capital
Brean Capital analyst Alan Gould said CBS (CBS) is extraordinarily well positioned with two core networks, predictable retrans/reverse comp driving growth and only modest programming expense increases as its key sports contracts are locked in. Gould believes CBS would only combine with Viacom (VIA) if it was financially favorable to CBS shareholders and management. Gould reiterated his Buy rating and $65 price target on CBS shares.
11/14/16
BMUR
11/14/16
DOWNGRADE
BMUR
Hold
Viacom downgraded to Hold from Buy at Brean Capital
Brean Capital analyst Alan Gould downgraded Viacom (VIAB) to Hold with a fair value estimate for shares of $40. The analyst questions the "true synergies" between Viacom and CBS (CBS) and believes combining the two companies does not maximize value. Viacom closed Friday up 41c to $38.42.
VIAB Viacom
$36.95

0.16 (0.43%)

11/14/16
11/14/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AB InBev (BUD) downgraded to Hold from Buy at HSBC with analyst Anthony Bucalo citing business pressures in the U.S. and Brazil as well as uncertainty post the U.S. election. 2. Abercrombie (ANF) and American Eagle (AEO) downgraded to Peer Perform from Outperform at Wolfe Research. 3. Capital One (COF) downgraded to Hold from Buy at Stifel with analyst Christopher Brendler saying he believes that the stock has become less attractive following its recent rally, and he thinks that changes made by the Trump Administration won't be felt by the company "for years." 4. SeaWorld (SEAS) downgraded to Neutral from Buy at Citi with analyst Jason Bazinet saying the risk/reward is no longer compelling following the recent bounce in the shares. 5. Viacom (VIAB) downgraded to Hold from Buy at Brean Capital with analyst Alan Gould questioning the "true synergies" between Viacom and CBS (CBS) and believes combining the two companies does not maximize value. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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USM

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BSX

Boston Scientific

$24.48

-0.68 (-2.70%)

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USM

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BMY

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TDS

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$32.72

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JNJ

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NVRO

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TERP

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