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CBS

CBS

$38.40

-0.16 (-0.41%)

, VIA

Viacom

$26.70

0.11 (0.41%)

12:04
11/18/19
11/18
12:04
11/18/19
12:04

Viacom and CBS announce ViacomCBS corporate leadership

CBS (CBS) and Viacom (VIAB, VIA) announced additional senior appointments for ViacomCBS' corporate leadership. These appointments, which will be effective upon closing, "will align key functions and operations to support ViacomCBS' divisions and lines of business," the companies stated. Alex Berkett, Senior Vice President, Corporate Development & Strategy, Viacom, will become Executive Vice President, Corporate Development and Strategy; Nancy Phillips will serve as Executive Vice President, Chief People Officer; Marva Smalls, Executive Vice President, Global Head of Inclusion Strategy, Viacom, will serve as Executive Vice President, Global Head of Inclusion of ViacomCBS; Jose Tolosa, Chief Transformation Officer of Viacom, will expand his responsibilities as Executive Vice President, Chief Transformation Officer. These corporate leadership announcements follow the previously announced appointments of Christa D'Alimonte as Executive Vice President, General Counsel and Secretary; Anthony DiClemente as Executive Vice President, Investor Relations; DeDe Lea as Executive Vice President, Global Public Policy and Government Relations; Julia Phelps as Executive Vice President, Chief Communications and Corporate Marketing Officer, and Christina Spade as Executive Vice President, Chief Financial Officer. The merger of Viacom and CBS remains subject to customary closing conditions and is expected to close by early December.

CBS

CBS

$38.40

-0.16 (-0.41%)

VIA

Viacom

$26.70

0.11 (0.41%)

VIAB

Viacom

$22.98

-0.09 (-0.39%)

  • 09

    Dec

CBS CBS
$38.40

-0.16 (-0.41%)

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.
11/18/19
LEHM
11/18/19
NO CHANGE
LEHM
Equal Weight
CBS, Viacom risk/rewards attractive in near-term, says Barclays
While CBS (CBS) and Viacom (VIAB) have underperformed broader markets and media peers significantly since announcing their merger deal, there could be some near-term catalysts to provide support post the deal close, Barclays analyst Kannan Venkateshwar tells investors in a research note. CBS's December renewal with YouTube will not only provide an opportunity to add some Viacom networks to YouTube TV, but success in doing so could also help narrative on revenue synergies, contends the analyst. Further, he believes both companies "could have some coterminous affiliate deals next year that could further add to this story." In addition, digital revenue is starting to be "meaningful in scale" from a revenue perspective for both companies, contends Venkateshwar. As such, he believes shares of CBS and Viacom offer attractive risk/rewards in the near term, despite lacking long term visibility. The analyst keeps Equal Weight ratings on both names.
VIA Viacom
$26.70

0.11 (0.41%)

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 Viacom
$22.98

-0.09 (-0.39%)

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.

TODAY'S FREE FLY STORIES

AQUA

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JELD

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Masco

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IBP

Installed Building Products

$71.67

1.12 (1.59%)

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FBHS

Fortune Brands

$63.90

0.74 (1.17%)

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WHR

Whirlpool

$144.83

2.825 (1.99%)

05:20
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  • 28

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AWI

Armstrong World

$93.35

-0.87 (-0.92%)

05:19
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CIEN

Ciena

$36.30

-0.3 (-0.82%)

, FB

Facebook

$199.35

0.65 (0.33%)

05:17
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05:17
Downgrade
Ciena, Facebook, AT&T rating change  »

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CIEN

Ciena

$36.30

-0.3 (-0.82%)

FB

Facebook

$199.35

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T

AT&T

$38.21

0.07 (0.18%)

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RDY

Dr. Reddy's

$40.11

-0.03 (-0.07%)

05:15
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Hot Stocks
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TOL

Toll Brothers

$40.90

0.79 (1.97%)

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  • 10

    Dec

PHM

PulteGroup

$40.19

0.79 (2.01%)

05:13
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MTH

Meritage Homes

$67.01

0.755 (1.14%)

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LEN

Lennar

$59.82

0.96 (1.63%)

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KBH

KB Home

$35.11

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DHI

D.R. Horton

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SUM

Summit Materials

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MGTA

Magenta Therapeutics

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ODT

Odonate Therapeutics

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KNSA

Kiniksa

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AMED

Amedisys

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SNY

Sanofi

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