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CBS

CBS

$48.69

0.64 (1.33%)

, VIAB

Viacom

$29.22

0.69 (2.42%)

04:55
08/14/19
08/14
04:55
08/14/19
04:55

CBS downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Daniel Salmon downgraded CBS (CBS) to Market Perform from Outperform and lowered his price target for the shares to $51 from $60. The stock closed yesterday up 64c to $48.70. The analyst transitioned his CBS valuation to combined fundamentals and an average of comparable multiples following its merger announcement with Viacom (VIAB). The next 12 months are more likely to be focused near-term content investment and potentially more acquisitions, Salmon tells investors in a research note. Despite the downgrade, the analyst is "intrigued by the differentiated message" about building a larger third party licensing business at a time when competitors are pulling back.

CBS

CBS

$48.69

0.64 (1.33%)

VIAB

Viacom

$29.22

0.69 (2.42%)

  • 05

    Sep

  • 05

    Sep

CBS CBS
$48.69

0.64 (1.33%)

08/09/19
08/09/19
NO CHANGE

CBS, Viacom closer to merger after agreeing to board, Bloomberg reports
CBS (CBS) and Viacom (VIAB) are near a merger deal after agreeing on the structure of the combined company's board, Nabila Ahmed and Gerry Smith of Bloomberg report, citing people familiar with the matter. The companies are still negotiating the exchange ratio of the potential all-stock merger, which could delay an announcement, sources told Bloomberg. Shari Redstone could become chairman of the combined entity, they added.
08/13/19
IMPC
08/13/19
NO CHANGE
Target $62
IMPC
Outperform
CBS price target lowered to $62 from $72 at Imperial Capital
Imperial Capital analyst David Miller lowered his price target for CBS (CBS) to $62 from $72 following press reports that the company and Viacom (VIAB) have agreed in principal to an all-stock merger ratio of 0.596 CBS shares for every Viacom share. The analyst says that while this is generally consistent with where both names had been trading for the last 90 days, the ratio is below what he had been hoping for from the Viacom side, which was a ratio of 0.7. Nonetheless, Miller keeps an Outperform rating on shares of CBS.
08/13/19
SPHN
08/13/19
NO CHANGE
Target $150
SPHN
Overweight
Nexstar named a Best Idea at Stephens
Stephens analyst Kyle Evans named Nexstar (NXST) as his "Best Idea," replacing CBS (CBS). He believes recent weakness in the broadcast affiliate group and an imminent close on the proposed acquisition of Tribune Media (TRCO) presents an attractive entry point, said Evans, who has an Overweight rating and $150 price target on Nexstar shares.
08/13/19
BERN
08/13/19
DOWNGRADE
BERN
Underperform
CBS downgraded to Underperform from Market Perform at Bernstein
Bernstein analyst Todd Juenger downgraded CBS (CBS) to Underperform from Market Perform following the company's confirmation earlier of a deal to combine in an all-stock merger with Viacom (VIAB). Any synergies produced "will pale in comparison" to inheriting Viacom's structural problems, Juenger tells investors.
VIAB Viacom
$29.22

0.69 (2.42%)

08/01/19
OTRG
08/01/19
NO CHANGE
OTRG
Broadcast and cable upfront pricing higher than expected, says OTR Global
OTR Global said its checks with U.S. media buyers and ad executives indicated that broadcast and cable networks increased upfront ad unit pricing higher than buyers expected. 2019 upfront prices were up 7%-10% year-over-year for broadcast and up 6%-9% year-over year for cable, exceeding sources' expectations of flat or slightly higher pricing, the firm noted, citing its checks.

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TELL

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  • 09

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$NSD

NASDAQ Market Internals

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$NYE

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AMGN

Amgen

$204.16

0.32 (0.16%)

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ZIOP

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  • 03

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OSTK

Overstock.com

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OSTK

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AMGN

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, ALXN

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