Goldman Sachs analyst Drew Borst downgraded AMC Networks (AMCX) to Sell and lowered his price target for the shares to $61 from $64. The stock closed yesterday up 90c to $67.26. The analyst expects AMC to underperform peers and his price target implies 8% downside to current levels. Weakness in National Networks advertising from The Walking Dead ratings declines and heightened competition for scripted original series and viewers, as well as slowing revenue growth and higher content and marketing costs, create risk to consensus estimates, Borst tells investors in a research note. The analyst does not see a near-term catalyst for a higher valuation multiple and is skeptical about a premium takeout because AMC is a "controlled company and there is limited strategic value for an ad-supported basic cable network with a minimal content library."