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CBS

Use VIAC, VIACA

$39.21

1.09 (2.86%)

, VIA

Use VIAC, VIACA

$26.40

0.87 (3.41%)

08:06
11/12/19
11/12
08:06
11/12/19
08:06

CBS, Viacom merger expected to close in early December

On August 13, CBS (CBS) and Viacom (VIA, VIAB) entered into an Agreement and Plan of Merger, as amended as of October 16, pursuant to which CBS and Viacom agreed to combine their respective businesses. This agreement provides that Viacom will merge with and into CBS, with CBS continuing as the surviving company. Upon the completion of the merger, the name of the combined company will be changed to ViacomCBS Inc. On October 25, the U.S. SEC declared effective the Registration Statement on Form S-4 filed by CBS in connection with the pending merger. On October 28, the merger and the related proposals were approved by National Amusements, Inc. and its affiliate, which satisfies the closing conditions to the merger requiring approval of a majority of the CBS Class A shares and a majority of the Viacom Class A shares. The merger is expected to close by early December 2019, subject to other customary closing conditions. In addition, at closing, CBS will delist its Class A and Class B common stock from the NYSE and will list the ViacomCBS Class A and Class B common stock, including the outstanding shares of CBS Class A and Class B common stock (which will remain outstanding shares of ViacomCBS), on the NASDAQ Stock Market under the new ticker symbols "VIACA" and "VIAC," respectively.

CBS

Use VIAC, VIACA

$39.21

1.09 (2.86%)

VIA

Use VIAC, VIACA

$26.40

0.87 (3.41%)

VIAB

Use VIAC, VIACA

$23.46

0.71 (3.12%)

  • 12

    Nov

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    Nov

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    Nov

  • 09

    Dec

CBS Use VIAC, VIACA
$39.21

1.09 (2.86%)

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.
VIA Use VIAC, VIACA
$26.40

0.87 (3.41%)

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.
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.
VIAB Use VIAC, VIACA
$23.46

0.71 (3.12%)

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, BD

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ATNX

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  • 17

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ACB

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BDSI

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  • 17

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AOBC

American Outdoor Brands

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, AVCO

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CNC

Centene

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PLAN

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WPX

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  • 23

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HLIT

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HZNP

Horizon Pharma

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  • 13

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AMRN

Amarin

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1.12 (4.87%)

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  • 28

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THMO

ThermoGenesis

$2.88

(0.00%)

17:31
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AMRN

Amarin

$24.12

1.12 (4.87%)

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  • 28

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QTNT

Quotient

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ARWR

Arrowhead

$66.47

-0.91 (-1.35%)

, GVA

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OAS

Oasis Petroleum

$2.68

-0.295 (-9.93%)

, SWN

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SWN

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UNT

Unit Corp.

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  • 23

    Mar

AMRN

Amarin

$24.12

1.12 (4.87%)

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  • 28

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LOPE

Grand Canyon

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-0.86 (-0.95%)

, LEA

Lear

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SWN

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  • 23

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RTN

Raytheon

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