Viacom (VIAB) in Q3 missed on revenue due to a 3% decline in domestic affiliate fees and 3% decline in U.S. advertising, but earnings beat on "very nice cost containment," Imperial Capital analyst David Miller tells investors in a research note. The analyst keeps an Underperform rating on the shares with a $25 price target. The analyst has a "tough time" applying anything north of a 6.0 times enterprise value to EBITDA multiple on fiscal 2019, which a implies $25 per share, given Viacom's lack of appointment programming, lack of sports, and lack of any franchise presence in film with the exception of Mission Impossible and Transformers. Miller admits, though, that an acquisition of Viacom by CBS (CBS) could prove his call wrong.