ViacomCBS Upgraded to Outperform by Wolfe on Fundamentals
ViacomCBS benefits from a strong ad market and a seemingly reasonable consensus streaming subscriber target, Wolfe wrote. Shares rose.
Author:
ViacomCBS (
VIACA) - Get Report shares rose Wednesday after receiving an upgrade to outperform from peer perform from Wolfe Research analyst John Janedis.
Janedis sees the stock’s 56% decline in the Archegos Capital Management debacle as overdone. However, Janedis trimmed his price target to $70 from $80 to reflect recent market activity. Viacom and other stocks held in concentrated positions by Archegos tumbled at the end of March as the hedge fund reportedly failed to meet margin calls.
Operator
Greetings, and welcome to the Sinclair Broadcast Group Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] I would now turn this conference over to your host, Lucy Rutishauser, Executive Vice President and Chief Financial Officer. Please begin.
Lucy A. Rutishauser
Executive Vice President & Chief Financial Officer
Thank you, operator, and good morning, everyone. Participating on the call with me today are Chris Ripley, President and CEO; Rob Weisbord, President of Broadcast and Chief Advertising Revenue Officer. and Steve Zenker, Vice President, Investor Relations. Before we begin, Billie Jo McIntire will make our forward-looking statement disclaimer.
Billie-Jo McIntire
Director, Investor Relations
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Cumulus Media Quarterly Earnings Conference Call. [Operator Instructions].
I would now like to hand the conference over to your speaker for today, Collin Jones, Senior Vice President, Corporate Development and Strategy, sir, you may begin.
Collin Jones
Senior Vice President, Corporate Development & Strategy
Thank you, operator. Welcome everyone to our fourth quarter and full year 2020 earnings conference call. I m joined today by our President and CEO, Mary Berner; and our CFO, Frank Lopez-Balboa.
Before we start, please note that certain statements in today s press release and discussed on this call may constitute forward-looking statements under federal securities laws. Actual results may differ materially from the results expressed or implied in forward-looking statements. These statements are based on management s current assessments and assumptions, and they are subject to a number of risks and
Investor Relations
[Starts Abruptly] made by management during today s conference call other than statements of historical fact may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Nexstar cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during this call.
For additional details on these risks and uncertainties, please see Nexstar s annual report on Form 10-K for the year ended December 31, 2019 and Nexstar s subsequent filings with the Securities and Exchange Commission. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.