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VIAC

ViacomCBS

$39.76

1.14 (2.95%)

08:14
12/17/19
12/17
08:14
12/17/19
08:14

ViacomCBS resumed with a Buy at Deutsche Bank

Deutsche Bank analyst Bryan Kraft resumed coverage of ViacomCBS with a Buy rating and $60 price target. The analyst sees an attractive risk/reward profile at current share levels. He believes the company is already trading at a "no-growth" multiple despite a "strong" pro forma growth outlook over the next three years. Multiple expansion is not required for ViacomCBS shares to achieve 50% upside over the next two years given the growth outlook, Kraft tells investors in a research note.

VIAC ViacomCBS
$39.76

1.14 (2.95%)

12/13/19
BOFA
12/13/19
INITIATION
Target $60
BOFA
Buy
ViacomCBS resumed with a Buy at BofA/Merrill
BofA/Merrill analyst Jessica Ehrlich resumed coverage of ViacomCBS with a Buy rating and $60 price target. The analyst notes that her 10-times forward earnings multiple is a premium valuation on pure play cable companies that reflects the "improved scale" and potential to realize over $500M in synergies for ViacomCBS post merger by 2021. The analyst also cites the company's proven brands, ample monetization opportunities in pay TV, its large content library, and its growing DTC business.
12/13/19
ARGS
12/13/19
INITIATION
ARGS
Hold
ViacomCBS initiated with a Hold at Argus
Argus analyst Joseph Bonner initiated coverage of ViacomCBS (VIAC) with a Hold rating after the two companies completed their merger on December 4th. The analyst notes that the acquisition of Viacom may have been "cheap", but CBS is now saddled with its "unevenly performing" basic cable channels while questioning whether the forces of cord cutting and rising digital distribution can be overcome by combining the assets of the two companies. Bonner further states that even post merger, ViacomCBS may lack the size to compete with Disney (DIS) or Apple (AAPL) and may need to do more M&A to gain sufficient scale.
12/13/19
JPMS
12/13/19
INITIATION
Target $50
JPMS
Overweight
ViacomCBS reinstated with an Overweight at JPMorgan
JPMorgan analyst Alexia Quadrani reinstated coverage of ViacomCBS with an Overweight rating and $50 price target following a period of restriction. ViacomCBS emerges from the CBS, Viacom merger with "significantly greater scale and a cheaper valuation," Quadrani tells investors in a research note. Near-term shares catalysts could include an increase to management's initial cost synergy target of $500M, says the analyst, who views the target as "very conservative."
12/13/19
12/13/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Restaurant Brands (QSR) initiated with a Hold at Stifel. 2. Papa John's (PZZA) initiated with a Hold at Deutsche Bank. 3. ConocoPhillips (COP) initiated with an Overweight at Atlantic Equities. 4. ViacomCBS (VIAC) initiated with a Hold at Argus. 5. Sanderson Farms (SAFM) initiated with an Outperform at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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MMP

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SINO

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NTGN

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KSU

Kansas City Southern

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PETS

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OTGLY

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