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News Breaks
March 25, 2013
08:28 EDTAMCXAMC Networks price target raised to $75 from $62 at Telsey Advisory
Telsey Advisory raised AMC Networks estimates towards the high end of consensus and believes the company could initiate both a dividend and buyback over the next twelve months.
News For AMCX From The Last 14 Days
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September 25, 2015
10:48 EDTAMCXMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.
September 24, 2015
10:01 EDTAMCXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 8point3 Energy (CAFD) upgraded to Market Perform from Underperform at Avondale... AEGON (AEG) upgraded to Buy from Neutral at Goldman... AMC Networks (AMCX) upgraded to Buy from Hold at Evercore ISI... Citi ups Ralph Lauren (RL) to Buy on valuation, cost savings... Kate Spade (KATE) upgraded to Overweight from Equal Weight at Stephens... L'Oreal (LRLCY) upgraded to Buy from Hold at Societe Generale... Marriott (MAR) upgraded on historical performance, growth outlook at SunTrust... Monster Beverage (MNST) upgraded to Buy from Neutral at Goldman... Nimble Storage (NMBL) upgraded to Buy from Neutral at Longbow... Qualys (QLYS) upgraded to Neutral from Underperform at Macquarie... Ralph Lauren (RL) upgraded to Buy from Neutral at Citi... Trex Company (TREX) upgraded to Outperform from Neutral at Wedbush... Valero Energy Partners (VLP) upgraded on better than expected transaction at SunTrust.
06:28 EDTAMCXAMC Networks upgraded to Buy from Hold at Evercore ISI
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