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Fly News Breaks for February 21, 2020
Feb 21, 2020 | 07:12 EDT
Benchmark analyst Daniel Kurnos lowered the firm's price target on ViacomCBS shares to $45 from $59, stating that new management "stumbled out of the gate" in their first post-merger quarterly report and gave "decidedly disappointing" initial 2020 guidance. However, he keeps a Buy rating on the shares as he thinks this is finally the bottom for estimate revisions and the company is at the start of what should be an improved growth and margin outlook. Kurnos also sees value in ViacomCBS being the "only sizeable content provider in an increasingly closed ecosystem," he tells investors.