Macquarie Slashes Price Targets on Disney, Viacom, Fox, AMC, Comcast as ‘Streaming Wars Go Global’

By Benzinga
Benzinga
Benzinga
January 6, 2022 Updated: January 6, 2022

Macquarie analyst Tim Nollen lowered the price target on multiple media network companies.

Nollen lowered the price target on The Walt Disney Co. to $185 from $195 and kept an Outperform on the shares.

Nollen lowered the price target on ViacomCBS Inc. to $32 from $40 and kept a Neutral.

Nollen lowered the price target on Fox Corp. to $37 from $40 and kept a Neutral.

Nollen lowered the price target on AMC Networks Inc. to $42 from $57 and kept a Neutral.

Nollen downgraded Comcast Corp. to Neutral from Outperform with a price target of $52, down from $65.

Nollen is more cautious on network media as the “streaming wars go global.”

Looking ahead to 2022, he favors ad agencies over media networks, arguing that the ad market is strong and agency stocks tend to perform well in early rate tightening cycles.

On Comcast in particular, Nollen said momentum has faded in cable network subs, which could continue into 2022. The COVID-19 variants and Peacock “still in investment mode” could delay recovery in the parks and theatrical businesses.

By Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.


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