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CBS

Use VIAC, VIACA

$39.53

0.54 (1.39%)

, VIA

Use VIAC, VIACA

$26.06

-0.03 (-0.11%)

16:35
11/22/19
11/22
16:35
11/22/19
16:35

CBS to list ViacomCBS shares on Nasdaq following merger

CBS Corporation (CBS) announced that it has notified the New York Stock Exchange (ICE) that, following the effective time of the merger of Viacom Inc. (VIA) with and into CBS, with CBS continuing as the surviving company, CBS will delist its Class A and Class B common stock from the NYSE and will list the Class A and Class B common stock of the combined company, which at the effective time of the merger will be renamed "ViacomCBS Inc.", including the outstanding shares of CBS Class A and Class B common stock, on the Nasdaq Global Select Market (NDAQ). Trading of the Class A and Class B common stock of ViacomCBS on Nasdaq under the new ticker symbols "VIACA" and "VIAC," respectively, is expected to commence on the trading day following the effective time of the merger. Until the merger and subsequent transfer of listing to Nasdaq are complete, the CBS Class A and Class B common stock will continue to trade on the NYSE under the ticker symbols "CBS.A" and "CBS," respectively. The completion of the merger remains subject to customary closing conditions and is expected to close by early December.

CBS

Use VIAC, VIACA

$39.53

0.54 (1.39%)

VIA

Use VIAC, VIACA

$26.06

-0.03 (-0.11%)

VIAB

Use VIAC, VIACA

$23.64

0.38 (1.63%)

ICE

IntercontinentalExchange

$93.70

-0.19 (-0.20%)

NDAQ

Nasdaq

$104.36

-0.31 (-0.30%)

  • 09

    Dec

CBS Use VIAC, VIACA
$39.53

0.54 (1.39%)

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 Use VIAC, VIACA
$26.06

-0.03 (-0.11%)

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.
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.
VIAB Use VIAC, VIACA
$23.64

0.38 (1.63%)

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.
ICE IntercontinentalExchange
$93.70

-0.19 (-0.20%)

01/29/19
DBAB
01/29/19
NO CHANGE
DBAB
Exchange stocks should be bought on any weakness, says Deutsche Bank
Deutsche Bank analyst Brian Bedell recommends buying the stock of Exchanges on any weakness. There may some additional downside risk upon earnings reports as investors revise Q1 estimates down to reflect the slow volume start to the year, Bedell tells investors in a research note. However, he recommends using any weakness as a buying opportunity given his view that the exchange stocks are best positioned to outperform in the later stages of a market cycle.
09/16/19
OPCO
09/16/19
INITIATION
Target $100
OPCO
Outperform
IntercontinentalExchange initiated with an Outperform at Oppenheimer
Oppenheimer analyst Owen Lau started IntercontinentalExchange with an Outperform rating and $100 price target, saying the company is "way more than just an energy trading shop" as it runs a hybrid transaction and data strategy. The analyst expects IntercontinentalExchange to benefit from the heightened market volatility in its transaction segment as well as the secular data explosion trend in its data services segment. Lau adds that the company's "strong track record" in growing its energy business gives him confidence in its execution within the "fixed income, MERS/Simplifile and Bakkt" initiatives.
09/16/19
OPCO
09/16/19
INITIATION
Target $100
OPCO
Outperform
IntercontinentalExchange initiated with an Outperform at Oppenheimer
Oppenheimer analyst Owen Lau started IntercontinentalExchange with an Outperform rating and $100 price target.
07/22/19
SBSH
07/22/19
DOWNGRADE
Target $99
SBSH
Neutral
IntercontinentalExchange downgraded to Neutral from Buy at Citi
Citi analyst Ben Herbert downgraded IntercontinentalExchange to Neutral from Buy while raising her price target for the shares to $99 from $92. The analyst says he's "increasingly price sensitive" following the recent share rally for the U.S. Exchanges & Market Structure group. Herbert continues to see "much to like" about IntercontinentalExchange, but he's looking for a more compelling valuation following the stock's rally.
NDAQ Nasdaq
$104.36

-0.31 (-0.30%)

10/25/19
UBSW
10/25/19
DOWNGRADE
Target $107
UBSW
Neutral
Nasdaq downgraded to Neutral from Buy at UBS
UBS analyst Alex Kramm downgraded Nasdaq to Neutral from Buy with a price target of $107, down from $113. The company's non-transaction organic growth is poised to decelerate following two years of outperformance, Kramm tells investors in a research note. The analyst, who still forecasts Nasdaq will post "solid growth" of ~6% in 2020, believes that an acceleration in organic growth is the most important driver of multiple expansion. As such, a deceleration should weigh on the company's valuation, he contends.
09/16/19
OPCO
09/16/19
INITIATION
Target $111
OPCO
Outperform
Nasdaq initiated with an Outperform at Oppenheimer
Oppenheimer analyst Owen Lau started Nasdaq with an Outperform rating and $111 price target.
10/21/19
BRKL
10/21/19
NO CHANGE
BRKL
Buy
Citi reiterates Buy on CME Group, Sell on Nasdaq into earnings
Brookline analyst Ben Herbert reiterates a Buy rating on CME Group (CME) and Sell rating on Nasdaq (NDAQ) ahead of the Q3 earnings reports. The analyst remains selective "against a backdrop of full valuations," relative volume strength year-to-date and a "tough comp" in Q4. His Sell rating on Nasdaq reflects caution around slowing non-trading organic growth, his below consensus earnings estimates and the stock's "elevated valuation." CME is his lone Buy and top pick in the U.S. Exchanges & Market Structure space.
09/16/19
OPCO
09/16/19
INITIATION
Target $111
OPCO
Outperform
Nasdaq initiated with an Outperform at Oppenheimer
Oppenheimer analyst Owen Lau started Nasdaq with an Outperform rating and $111 price target. The analyst cites the company undergoing a "strategic pivot" to increasing its non-transaction revenue to over 70% of the total, stating that while the transaction business remains crucial to providing proprietary trading data, he sees its Information Services and Market Technology generating "major revenue growth." Lau adds that Nasdaq's Market Technology remains a "misunderstood and underappreciated asset."

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