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VIAB

Viacom

$29.09

0.5 (1.75%)

, CBS

CBS

$53.15

0.44 (0.83%)

06:32
08/06/18
08/06
06:32
08/06/18
06:32

Viacom affiliate revenue to come down, says Loop Capital

Loop Capital analyst Alan Gould kept his Hold rating and $33 price target on Viacom (VIAB) ahead of its Q3 results but lowered his EPS estimate by 5c to $1.05 and his FY19 EPS view to $4.50 from $4.75. The analyst cites a more cautious outlook on future affiliate negotiations and a reduced TV revenue with no major affiliate renewal deals expected until the second half of 2019. Though Gould notes that valuation on the stock is inexpensive, he also expects any potential CBS (CBS) tie-up not to yield a premium paid by either side.

VIAB

Viacom

$29.09

0.5 (1.75%)

CBS

CBS

$53.15

0.44 (0.83%)

  • 09

    Aug

  • 09

    Aug

  • 06

    Sep

  • 27

    Sep

VIAB Viacom
$29.09

0.5 (1.75%)

08/03/18
JPMS
08/03/18
NO CHANGE
Target $75
JPMS
Overweight
CBS fundamentals are 'clearly not the issue,' says JPMorgan
Fundamentals are "clearly not the issue" for CBS (CBS) shares as the company continues to deliver or exceed expectations on comp growth, content sales, and over-the-top offerings, JPMorgan analyst Alexia Quadrani tells investors in a post-earnings research note titled "Another Beat and Favorable Outlook But That is Not the Near-Term Story." Unfortunately, the near term focus will remain on potential management changes, a court battle to determine who really controls the strategic direction of the company and how well CBS is positioned longer-term as a standalone or combined with Viacom (VIAB), the analyst adds. As such, the analyst sees CBS shares as range-bound in the near-term. However, over the longer-term, Quadrani believes "it is hard to ignore the obvious disconnect between valuation and the ongoing healthy earnings growth profile for the next few years." She reiterates an Overweight rating on CBS with a $75 price target.
07/31/18
07/31/18
DOWNGRADE
Target $50

Market Perform
Cowen worried about 'unquantifiable variables,' downgrades CBS to Market Perform
As previously reported, Cowen analyst Doug Creutz downgraded CBS (CBS) to Market Perform from Outperform, stating that the combination of the legal fight with National Amusements, the potential for a recombination with Viacom (VIAB) and the allegations of sexual harassment against CEO Les Moonves create "too many unquantifiable variables." He noted that his downgrade is not based on any evaluation of the claims made against Moonves, but reflects the added overhang of an investigation of uncertain length with an uncertain outcome, which Creutz sees making share outperformance difficult. He lowered his price target on CBS shares to $50 from $69.
07/10/18
FBCO
07/10/18
INITIATION
Target $33
FBCO
Neutral
Viacom initiated with a Neutral at Credit Suisse
Credit Suisse analyst Dog Mitchelson initiated Viacom with a Neutral rating and a price target of $33. The analyst notes that the early success with Paramount and MTV turnaround is encouraging, but sees "cord shaving" continue to pressure subscriber levels in the short term. The analyst adds that while the asset value support for Viacom is "terrific", chairman Redstone is unlikely to approve a sale. Mitchelson believes the upside in the stock is possible if U.S. revenue can return to the kind of growth that management outlined for FY19.
06/28/18
IMPC
06/28/18
INITIATION
Target $26
IMPC
Underperform
Viacom initiated with an Underperform at Imperial Capital
Imperial Capital analyst David Miller started Viacom (VIAB) with an Underperform rating and $26 price target. Unless there is a measurable change in paradigm, Viacom is "essentially a value trap," and should trade in line with its mean earnings growth rate over the last three years, Miller tells investors in a research note. He believes poor programming choices are finally catching up to management.
CBS CBS
$53.15

0.44 (0.83%)

08/03/18
BNCH
08/03/18
NO CHANGE
Target $90
BNCH
Buy
CBS has 'plenty' of intrinsic value despite legal trouble, says Benchmark
Benchmark analyst Daniel Kurnos acknowledges that CBS shares are "difficult to buy" ahead of a resolution of the impending legal challenges at both the executive and board levels, but he also sees "plenty" of intrinsic fundamental value. The company reported solid fundamental results again while also accelerating its 8M All Access subscriber forecast by a year and establishing a 16M sub forecast for its OTT service by 2022, said Kurnos. The analyst, who also noted that over 60% of revenue now comes from non-advertising sources, has a Buy rating and $90 price target on CBS shares.
07/31/18
07/31/18
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 Cowen with analyst Doug Creutz saying the combination of the legal fight with National Amusements, the potential for a recombination with Viacom (VIAB) and the allegations of sexual harassment against CEO Les Moonves create "too many unquantifiable variables." 2. Caterpillar (CAT) downgraded to Equal Weight from Overweight at Barclays with analyst Adam Seiden saying the company's largest end-markets are no longer at trough. Further, he believes Caterpillar's second half of 2018 price initiatives, directed towards offsetting supply chain and materials cost increases, will limit its ability to expand margins. 3. WisdomTree (WETF) downgraded to Sell from Neutral at Citi with analyst William Katz saying he believes WisdomTree's price-to-earnings multiple can further contract amid mixed flow dynamics and flat earnings growth prospects out to 2020. 4. Adient (ADNT) downgraded to Underweight from Equal Weight at Morgan Stanley. 5. Tupperware Brands (TUP) downgraded to Sell from Hold at Argus with analyst Deborah Ciervo citing the company's disappointing Q2 revenue and reduced outlook for FY18. 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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BBBY

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RTN

Raytheon

$180.58

-0.82 (-0.45%)

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Cactus

$36.03

1.225 (3.52%)

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CCL

Carnival

$56.67

-0.065 (-0.11%)

, MKC

McCormick

$143.88

1.58 (1.11%)

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CCL

Carnival

$56.67

-0.065 (-0.11%)

MKC

McCormick

$143.88

1.58 (1.11%)

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CRTO

Criteo

$21.99

-3.4 (-13.39%)

20:19
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Downgrade
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SSNLF

Samsung

$0.00

(0.00%)

20:02
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Periodicals
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BA

Boeing

$370.52

8.37 (2.31%)

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  • 28

    May

MCD

McDonald's

$185.66

-1.11 (-0.59%)

19:49
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Periodicals
McDonald's purchase price of Dynamic Yield above $300M, Bloomberg says »

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  • 30

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SSNLF

Samsung

$0.00

(0.00%)

19:32
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Periodicals
Breaking Periodicals news story on Samsung »

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AWR

American States Water

$71.51

0.505 (0.71%)

19:22
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Hot Stocks
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MEOH

Methanex

$56.35

-1.38 (-2.39%)

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BECN

Beacon Roofing

$34.14

0.81 (2.43%)

, SAEX

SAExploration

$4.03

0.13 (3.33%)

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BECN

Beacon Roofing

$34.14

0.81 (2.43%)

SAEX

SAExploration

$4.03

0.13 (3.33%)

IQ

iQIYI

$24.01

-0.86 (-3.46%)

MYOK

MyoKardia

$51.87

-2.44 (-4.49%)

CTMX

CytomX Therapeutics

$10.76

0.33 (3.16%)

03/08/13
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HPQ

HP Inc.

$18.97

-0.4 (-2.07%)

18:48
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Periodicals
HP lawyer tells court Autonomy's Lynch inflated sales data, Reuters says »

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  • 23

    Apr

PEGA

Pegasystems

$63.61

-0.27 (-0.42%)

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  • 22

    May

SMTC

Semtech

$52.59

-0.38 (-0.72%)

18:32
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  • 25

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TMO

Thermo Fisher

$268.89

5.015 (1.90%)

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DJX

Dow Jones Industrial Average

$0.00

(0.00%)

, SPX

S&P 500

$0.00

(0.00%)

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Periodicals
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DJX

Dow Jones Industrial Average

$0.00

(0.00%)

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$278.99

-0.56 (-0.20%)

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MCD

McDonald's

$185.66

-1.11 (-0.59%)

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  • 30

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BA

Boeing

$370.52

8.37 (2.31%)

18:22
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Periodicals
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  • 28

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ACHC

Acadia

$29.47

-0.59 (-1.96%)

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AAPL

Apple

$188.78

-2.33 (-1.22%)

17:41
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Recommendations
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ZFGN

Zafgen

$2.70

-0.15 (-5.26%)

17:38
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NOC

Northrop Grumman

$268.56

0.27 (0.10%)

17:36
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