Fly News Breaks for February 3, 2020
Feb 3, 2020 | 06:17 EDT
Credit Suisse analyst Douglas Mitchelson downgraded ViacomCBS to Neutral from Outperform with a price target of $37, down from $52. The analyst cites the "second meaningful" downward free cash flow revision post the Viacom/CBS merger announcement for the downgrade. ViacomCBS's less cash-generative profile reduces its ability to repurchase shares and makes the company's valuation less compelling relative to its inherent risks, Mitchelson tells investors in a research note. The analyst now only sees 8% upside to the shares in 2020.
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