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T

AT&T

$35.42

0.74 (2.13%)

, TWX

Time Warner

$89.62

0.55 (0.62%)

07:12
11/29/17
11/29
07:12
11/29/17
07:12

Q3 results, analysis of Q4 viewership trends show some bright spots, says KeyBanc

KeyBanc analyst Andy Hargreaves notes that the Department of Justice's decision to sue to block AT&T (T)/Time Warner (TWX) seems likely to halt additional M&A until a resolution is reached. Additionally, the analyst points out that Q4 viewership trends appear most positive for Discovery (DISCA), Viacom (VIAB) so far, and 21st Century Fox (FOXA) remains his favorite long among TV network stocks.

T

AT&T

$35.42

0.74 (2.13%)

TWX

Time Warner

$89.62

0.55 (0.62%)

DISCA

Discovery

$17.97

0.5 (2.86%)

VIAB

Viacom

$27.03

0.49 (1.85%)

FOXA

21st Century Fox

$30.86

0.47 (1.55%)

  • 29

    Nov

  • 29

    Nov

  • 04

    Dec

T AT&T
$35.42

0.74 (2.13%)

11/21/17
CHLM
11/21/17
NO CHANGE
Target $114
CHLM
Buy
Dycom price target raised to $114 from $90 at Craig-Hallum
Craig-Hallum analyst Christian Schwab raised his price target for Dycom (DY) to $114 from $90 following quarterly results and as the worst of AT&T's (T) spending moderation seems behind it. The analyst reiterates a Buy rating on Dycom's shares.
11/21/17
DBAB
11/21/17
NO CHANGE
Target $37
DBAB
Hold
AT&T shares likely to remain range-bound, says Deutsche Bank
Deutsche Bank analyst Matthew Niknam expects shares of AT&T (T) to remain relatively range-bound in the near-term due to heightened regulatory risks around the company's proposed merger with Time Warner (TWX). The analyst notes that his standalone AT&T estimates continue to imply flattish earnings growth for Q4 and in upcoming years. He sees the Justice Department suit capping any near-term upside and trimmed his price target for Hold-rated AT&T to $37 from $38.
11/21/17
BARD
11/21/17
NO CHANGE
Target $42
BARD
Outperform
Merits of antitrust case favor AT&T, says Baird
Baird analyst William Power noted the DOJ sued to block the AT&T (T) and Time Warner (TWX) deal largely on the grounds that the merger would harm consumers due to higher content prices. The analyst finds it difficult to believe that, given other competition, the company would be able to significantly raise pricing for Turner properties or HBO and risk driving away current partners. He said although his thesis is at risk from the suit, he ultimately believes the merits of the case favor AT&T. Power reiterated his Outperform rating and $42 price target on AT&T shares.
11/21/17
NOMU
11/21/17
NO CHANGE
Target $42
NOMU
Buy
AT&T price target lowered to $42 from $45 at Nomura Instinet
Nomura Instinet analyst Jeffrey Kvaal lowered his price for AT&T (T) shares target to $42 after the Justice Department filed a lawsuit to block the company's acquisition of Time Warner (TWX). The analyst notes he didn't lowered his target post the Q3 video miss given the pending deal. He believes the shares have "room to run" with or without Time Warner and keeps a Buy rating on AT&T.
TWX Time Warner
$89.62

0.55 (0.62%)

11/21/17
WELS
11/21/17
NO CHANGE
Target $84
WELS
Market Perform
Time Warner price target lowered to $84 from $100 at Wells Fargo
Wells Fargo analyst Marci Ryvicker lowered her price target for Time Warner (TWX) to $84 from $100 to reflect standalone value, in light of the recent news that the DOJ will be suing to block the merger with AT&T (T). The analyst reiterates a Market Perform rating on Time Warner's shares.
DISCA Discovery
$17.97

0.5 (2.86%)

09/26/17
UBSW
09/26/17
UPGRADE
Target $23
UBSW
Neutral
Discovery upgraded to Neutral from Sell at UBS
UBS analyst Doug Mitchelson upgraded Discovery Communications to Neutral saying the risk/reward is balanced with the shares down 22% year-to-date. The stock now reflects the "broad media secular challenges," Mitchelson tells investors in a research note. He lowered his price target for the shares to $23 from $25.
09/26/17
09/26/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Discovery (DISCA) upgraded to Neutral from Sell at UBS with analyst Doug Mitchelson saying the risk/reward is balanced with the shares down 22% year-to-date. 2. Altria Group (MO) upgraded to Outperform from Market Perform at Cowen with analyst Vivien Azer citing its notable pullback following the late July FDA announcement and a bigger than expected price increase which reinforces the durability of its earnings growth. 3. L Brands (LB) upgraded to Overweight from Neutral at Atlantic Equities with analyst Daniela Nedialkova saying recent Victoria Secret visits are highly encouraging with a number of changes that should drive a positive inflection in comps over the next several months. 4. Boston Beer (SAM) upgraded to Neutral from Underperform at Credit Suisse with analyst Laurent Grandet saying the market sentiment remains "overly negative," which creates a more balanced spread between upside and downside scenarios. 5. British American Tobacco (BTI) upgraded to Outperform from Market Perform at Cowen with analyst Vivien Azer saying she views the weakness from FDA risk and foreign exchange movements as having created an attractive entry point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/09/17
SBSH
10/09/17
DOWNGRADE
Target $24
SBSH
Sell
Viacom downgraded to Sell from Neutral at Citi
Citi analyst Jason Bazinet downgraded Viacom (VIAB) to Sell and lowered his price target for the shares to $24 from $33. As media and cable companies jockey "for self-preservation," Charter Communications (CHTR) will likely drop, or significantly curtail, distribution of Viacom's content, Bazinet tells investors in a research note. Assuming Viacom loses the Charter affiliate fees, applying a pro forma Discovery (DISCA) multiple suggests Viacom's equity could fall to $19 a share, Bazinet argues. He notes that Viacom does not have news or sports content.
09/19/17
09/19/17
NO CHANGE

Cowen lowers price targets on media companies
Cowen analyst Doug Crentz cut his price targets for several media companies, as he believes that the margin pressure on TV networks will continue. The analyst believes that consensus estimates for TV broadcasters are too high, as he expects that the decline in the sector's EBITDA margin will more than double this year, driven by lower ad and affiliate revenue. He believes that two "deep-pocketed, low margin competitors -Netflix (NFLX) and Amazon (AMZN) - are the root of the problem. He cut his price target on Viacom (VIAB) to $31 from $41, on Discovery (DISCA) to $19 from $25, on Fox (FOXA) to $29 from $32, on CBS (CBS) to $69 from $70 and on Disney (DIS) to $94 from $95.
VIAB Viacom
$27.03

0.49 (1.85%)

11/17/17
RBCM
11/17/17
NO CHANGE
Target $23
RBCM
Underperform
Viacom price target lowered to $23 from $30 at RBC Capital
RBC Capital analyst Steven Cahall lowered his price target on Viacom to $23 following Q4 results. Cahall says that despite the EPS beat, weaker domestic affiliate revenue growth was the latest surprising development as part of a trend of negative estimate revisions. The analyst keeps his Underperform rating, saying that investors are cautious on exposure to Media amid a "gravitational pull toward more visible growth stories", particularly as Viacom undergoes a period of strategic restructuring.
11/20/17
DBAB
11/20/17
UPGRADE
Target $25
DBAB
Hold
Viacom upgraded to Hold from Sell at Deutsche Bank
Deutsche Bank analyst Bryan Kraft upgraded Viacom to Hold saying he sees limited room for further multiple compression. The analyst believes reports of merger speculation in the media space should provide valuation support and he keeps a $25 price target for Viacom shares.
11/20/17
11/20/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Verizon (VZ) upgraded to Outperform from Market Perform at Wells Fargo with analyst Jennifer Fritzsche saying after dropping 16% since mid-January, "much of the bad news is behind the stock" in terms of wireless service revenue declines. 2. 3D Systems (DDD) upgraded to Neutral from Underweight at Piper Jaffray with analyst Troy Jensen saying he sees limited downside from current share levels. 3. Viacom (VIAB, VIA) upgraded to Hold from Sell at Deutsche Bank with analyst Bryan Kraft saying he sees limited room for further multiple compression. 4. Maxwell (MXWL) upgraded to Buy from Neutral at Roth Capital with analyst Craig Irwin saying he sees consensus estimates as achievable for 2018, and merger synergies with NessCap should start making a more material contribution over the next few quarters. 5. National Beverage (FIZZ) upgraded to Positive from Neutral at Susquehanna with analyst Pablo Zuanic citing his increased conviction on the sales and bottom-line upside of the company. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/01/17
FBCO
11/01/17
NO CHANGE
Target $38
FBCO
Outperform
Viacom price target lowered to $38 from $45 at Credit Suisse
Credit Suisse analyst Omar Sheikh lowered his price target for Viacom (VIAB) to $38 from $45 saying the rationale for re-combining CBS (CBS) and Viacom is becoming "increasingly hard" for controlling shareholder National Amusements to ignore. The analyst notes that a merger would transform Viacom's negotiating leverage with distributors long-term, generate greater than $400M of cost synergies, solve Viacom's leverage issue, and give it time and capital to invest in its core networks. Sheikh reiterates an Outperform rating on Viacom's shares.
FOXA 21st Century Fox
$30.86

0.47 (1.55%)

11/10/17
BERN
11/10/17
NO CHANGE
Target $101
BERN
Market Perform
Disney deal for Fox wouldn't solve underlying problems, says Bernstein
Bernstein analyst Todd Juenger noted that Disney (DIS) has gone from a situation where reported EPS was going up but its stock price was going down to one where EPS is going down but the stock has been going up a bit driven by M&A speculation. However, he contends that the current round of renewed M&A speculation is happening because underlying fundamentals are "so bad" and even if a deal for Disney to buy Fox (FOXA) assets happens it wouldn't solve the underlying problems. He also thinks the chances of a Disney-Fox deal as currently described are "very low." Juenger maintains a Market Perform rating and $101 price target on Disney shares.
11/17/17
RILY
11/17/17
NO CHANGE
Target $36
RILY
Neutral
21st Century Fox price target raised to $36 from $29 at B. Riley FBR
B. Riley FBR analyst Barton Crockett raised his price target for 21st Century Fox (FOXA) to $36 citing recent reports that Disney (DIS), Comcast (CMCSA), Verizon (VZ) or Sony (SNE) may make offers for the company. The "formerly unthinkable" prospect of Rupert Murdoch selling assets is likely to be factored into the equity price for some time, Crockett tells investors in a research. He keeps a Neutral rating on Fox given the stock's proximity to his new target.
11/17/17
WELS
11/17/17
NO CHANGE
WELS
Wells sees 'exceedingly low' probability of Comcast, Fox deal
Following reports that Comcast (CMCSA) is looking to buy all or part of 21st Century Fox (FOXA), Wells Fargo analyst Marci Ryvicker says the likelihood of any deal being consummated is "exceedingly low." Amid the regulatory scrutiny over AT&T's (T) proposed vertical acquisition of Time Warner (TWX), Comcast would have an "exceptionally difficult time" completing a Fox merger as it would be both vertical and horizontal in nature, Ryvicker tells investors in a research note. The analyst points out, however, that her sum-of-the-parts analysis suggests Fox is worth $41 per share.
11/07/17
WELS
11/07/17
NO CHANGE
WELS
21st Century Fox worth $41 per share as sum of parts, says Wells Fargo
Wells Fargo analyst Marci Ryvicker believes 21st Century Fox is worth $41 per share as a sum of its parts, or $47 per share including all of Sky. As such, the analyst sees substantial upside potential for 21st Century Fox based on this analysis. Ryvicker maintained an Outperform rating and $34 price target on 21st Century Fox based on the company's fundamentals, rather than M&A speculation.

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Deutsche Bank

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AT&T

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WFC

Wells Fargo

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HBAN

Huntington Bancshares

$14.58

-0.23 (-1.55%)

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ASB

Associated Banc-Corp

$25.10

-0.2 (-0.79%)

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UBS

UBS

$17.90

0.035 (0.20%)

18:05
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PFE

Pfizer

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Celanese

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Western Alliance

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TCF Financial

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