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Fly News Breaks for August 26, 2016
VIAB
Aug 26, 2016 | 08:12 EDT
As previously reported, Telsey Advisory downgraded Viacom to Market Perform from Outperform. Analyst Tom Egan believes a Viacom credit downgrade is a real threat following Moody's lowered rating outlook to negative from stable last month. Egan said Viacom's fundamentals continue to trail every other major US entertainment company and a credit downgrade is a real possibility. The analyst said a turn-around in FY17 is unlikely and lowered estimates below consensus. Further, Egan said Viacom shares trade at a modest take-out premium and views a potential take-under as more likely.
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