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CBS

CBS

$38.12

0.32 (0.85%)

, VIAB

Viacom

$22.75

0.18 (0.80%)

19:17
11/10/19
11/10
19:17
11/10/19
19:17

Viacom, CBS realigning leadership ahead of merger, WSJ says

Viacom (VIA, VIAB) and CBS (CBS) are realigning their leadership ahead of the expected closing of their merger in early December, according to the Wall Street Journal's Joe Flint, citing people familiar with the matter. The restructuring, which is expected to be announced Monday, will "result in consolidation among the cable programming and digital operations of the two companies," and will result in the departure of two senior Viacom executives -- Kent Alterman, who currently oversees Comedy Central, TV Land and Paramount Network, and Sarah Levy, the COO of Viacom's Media Networks group. Reference Link

CBS

CBS

$38.12

0.32 (0.85%)

VIAB

Viacom

$22.75

0.18 (0.80%)

VIA

Viacom

$25.53

0.07 (0.27%)

  • 12

    Nov

  • 14

    Nov

  • 14

    Nov

  • 09

    Dec

CBS CBS
$38.12

0.32 (0.85%)

10/21/19
LEHM
10/21/19
NO CHANGE
Target $41
LEHM
Equal Weight
Barclays cuts CBS target to $41, Viacom target to $24
Barclays analyst Kannan Venkateshwar cut his price target for CBS (CBS) to $41 from $53 and for Viacom (VIAB) to $24 from $33 while keeping Equal Weight ratings on both names. CBS and Viacom shares have sold off ~25% since their merger announcement on August 13, partly due to deal technicals, Venkateshwar tells investors in a research note. However, the analyst believes the selloffs are also a reflection of the fundamental challenges faced by both companies and skepticism around upside from the deal. The S-4 filing last week is the latest evidence of this struggle with CBS cutting its free cash flow estimates for the next couple years by 30%-40% and Viacom cutting EBITDA by 7%-8% versus consensus, Venkateshwar says. As a result of this revision, CBS may miss its long-term standalone earnings and revenue growth guidance provided at the beginning of this year, he adds.
10/23/19
WELS
10/23/19
NO CHANGE
Target $31
WELS
Underperform
CBS price target lowered to $31 from $40 at Wells Fargo
Wells Fargo analyst Steven Cahall lowered his price target for Underperform-rated CBS (CBS) to $31 from $40, saying the Viacom (VIAB)-CBS S-4 has further reduced his investor confidence. HE tells investors that CBS investors are "frustrated" that it took so long to reset expectations to a new lower normal. The analyst also lowered his price target for Viacom to $23 from $18, saying management's projections in the out years appear disconnected from ecosystem realities.
10/24/19
FBCO
10/24/19
NO CHANGE
Target $52
FBCO
Outperform
CBS price target lowered to $52 from $66 at Credit Suisse
Credit Suisse analyst Douglas Mitchelson lowered his price target for CBS (CBS) to $52 from $66 after reviewing the ViacomCBS S-4 merger filing in detail and considering post-merger announcement management commentary. The analyst does not believe the S-4 disclosures for the separate CBS and Viacom (VIAB) budgets represent the outlook for the combined company based on the likely operating strategies of ViacomCBS management. Further, Mitchelson believes management's focus on programming efficiencies and undertaking only modest investments in streaming services suggests the programming/working capital budgets in the S-4 were too high. He reiterates an Outperform rating on CBS shares.
10/25/19
SBSH
10/25/19
NO CHANGE
Target $51
SBSH
Buy
Citi lowers CBS target to $51, Viacom target to $22
Citi analyst Jason Bazinet lowered his price target on Buy-rated CBS (CBS) to $51 from $57 and on Neutral-rated Viacom (VIAB) to $22 from $29 following last week's S-4 filing that contained details related to the upcoming merger. Management projections suggest the combined company should deliver fairly flat EBITDA margins over the next few years, Bazinet tells investors in a research note. The Street, however, had been expecting EBITDA margin expansion in the coming years, says the analyst.
VIAB Viacom
$22.75

0.18 (0.80%)

09/24/19
09/24/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Disney (DIS) was initiated with an Outperform at Wells Fargo, while Netflix (NFLX) was initiated with a Market Perform, and CBS (CBS), Viacom (VIAB, VIA), and Fox Corp. (FOXA) were initiated with Underperform ratings. 2. Merit Medical (MMSI) initiated with an Outperform at Oppenheimer. 3. Global Payments (GPN) reinstated with a Buy at Goldman Sachs. 4. 10x Genomics (TXG) initiated with an Outperform at Evercore ISI. 5. Corcept Therapeutics (CORT) and Strongbridge Biopharma (SBBP) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
VIA Viacom
$25.53

0.07 (0.27%)

08/14/19
MACQ
08/14/19
DOWNGRADE
Target $31
MACQ
Neutral
Viacom downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Tim Nollen downgraded Viacom (VIAB) to Neutral from Outperform and keeps a Neutral rating on CBS (CBS) shares after the two companies announced a merger deal with no premium for Viacom following "3 years of on again/off again merger discussions amidst wrenching change in the industry." While he believes the deal's strategic positives outweigh the risks, Nollen said integration might not be easy and that ViacomCBS will still be "small-ish" compared with competitors Comcast (CMCSA) and Disney (DIS). He lowered his price target on Viacom shares to $31 from $37 and cut his price target on CBS shares to $53 from $55.
08/14/19
DBAB
08/14/19
UPGRADE
DBAB
Buy
Viacom upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Bryan Kraft upgraded Viacom (VIAB) to Buy from Hold and raised his price target on the stock to $42 from $33. Yesterday, CBS (CBS) and Viacom announced a definitive agreement to combine in an all-stock merger.

TODAY'S FREE FLY STORIES

FENG

Phoenix New Media

$3.04

0.04 (1.33%)

06:07
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ATHX

Athersys

$1.37

0.04 (3.01%)

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CSCO

Cisco

$48.44

0.06 (0.12%)

06:06
11/14/19
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06:06
Recommendations
Cisco analyst commentary  »

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  • 09

    Dec

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    Dec

GRUB

GrubHub

$36.63

-0.7 (-1.88%)

06:05
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Periodicals
GrubHub to create 'task force' after NYC Council threatens action, NYP says »

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WTT

Wireless Telecom Group Inc

$1.50

0.04 (2.74%)

06:05
11/14/19
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Hot Stocks
Wireless Telecom Group Inc to Acquire Holzworth Instrumentation »

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  • 14

    Nov

FVRR

Fiverr

$22.55

0.99 (4.59%)

06:04
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11/14
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06:04
Upgrade
Fiverr rating change  »

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  • 09

    Dec

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    Dec

ROLL

RBC Bearings

$165.06

-1.19 (-0.72%)

06:04
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11/14
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06:04
Downgrade
RBC Bearings rating change  »

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SWK

Stanley Black & Decker

$155.38

-2.295 (-1.46%)

06:04
11/14/19
11/14
06:04
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06:04
Upgrade
Stanley Black & Decker rating change  »

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  • 18

    Nov

NRZ

New Residential

$16.06

-0.07 (-0.43%)

06:03
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11/14
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Downgrade
New Residential rating change  »

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NBEV

New Age Beverages

$2.50

0.04 (1.63%)

06:02
11/14/19
11/14
06:02
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06:02
Earnings
New Age Beverages reports Q3 EPS (14c), consensus (4c) »

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  • 14

    Nov

SFTBF

SoftBank

$0.00

(0.00%)

, SFTBY

SoftBank

$0.00

(0.00%)

06:02
11/14/19
11/14
06:02
11/14/19
06:02
Periodicals
SoftBank's Yahoo Japan in talks to merge with Naver's Line, Nikkei reports »

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SFTBF

SoftBank

$0.00

(0.00%)

SFTBY

SoftBank

$0.00

(0.00%)

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CSCO

Cisco

$48.44

0.06 (0.12%)

06:01
11/14/19
11/14
06:01
11/14/19
06:01
Recommendations
Cisco analyst commentary  »

Citi keeps Buy on Cisco…

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  • 09

    Dec

  • 10

    Dec

XRX

Xerox

$37.60

0.14 (0.37%)

, HPQ

HP Inc.

$19.54

-0.005 (-0.03%)

06:00
11/14/19
11/14
06:00
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06:00
Periodicals
Carl Icahn pushes for Xerox, HP Inc union, WSJ reports »

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XRX

Xerox

$37.60

0.14 (0.37%)

HPQ

HP Inc.

$19.54

-0.005 (-0.03%)

03/08/13
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  • 26

    Nov

  • 09

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MYO

Myomo

$0.54

-0.1126 (-17.26%)

05:58
11/14/19
11/14
05:58
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05:58
Downgrade
Myomo rating change  »

Roth Capital downgrades…

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FLGT

Fulgent Genetics

$13.62

0.11 (0.81%)

05:57
11/14/19
11/14
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05:57
Syndicate
Fulgent Genetics 2.325M share Spot Secondary priced at $11.25 »

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  • 14

    Nov

ECOR

electroCore

$1.88

0.06 (3.30%)

05:56
11/14/19
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05:56
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electroCore rating change  »

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ECOR

electroCore

05:56
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05:56
Downgrade
electroCore rating change  »

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05:55
11/14/19
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Conference/Events
SunTrust hosted company meetings at conference »

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NICE

Nice

$159.16

0.87 (0.55%)

05:54
11/14/19
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Earnings
Nice raises FY19 EPS view to $5.15-$5.35 from $5.13-$5.33, consensus $5.26 »

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  • 14

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EMR

Emerson

$73.10

-0.47 (-0.64%)

05:52
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05:52
Downgrade
Emerson rating change  »

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  • 19

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    Nov

NICE

Nice

$159.16

0.87 (0.55%)

05:51
11/14/19
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05:51
Earnings
Nice reports Q3 EPS $1.30, consensus $1.28 »

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  • 14

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MIME

Mimecast

$43.42

0.28 (0.65%)

05:50
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Hot Stocks
Mimecast acquires DMARC Analyzer »

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  • 19

    Nov

PRGS

Progress Software

$41.49

-0.36 (-0.86%)

05:48
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Hot Stocks
Progress Software appoints Katie Kulikoski as Chief People Officer »

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WB

Weibo

$52.81

-0.67 (-1.25%)

05:47
11/14/19
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Earnings
Breaking Earnings news story on Weibo »

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  • 14

    Nov

WB

Weibo

$52.81

-0.67 (-1.25%)

05:46
11/14/19
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Earnings
Weibo reports Q3 EPS 77c, consensus 73c »

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  • 14

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