In a report published Friday, Wunderlich Securities analyst Matthew Harrigan reiterated a Buy rating and $90.00 price target on Scripps Networks Interactive (NYSE: SNI).
In the report, Wunderlich Securities noted, “We remain constructive on Buy-rated Scripps Networks (SNI) even as its Lifestyle Networks reported a standout relative to peers aggregate 2% increase in July Nielsen ratings in a soft cable network ratings month (even on a yoy basis). SNI's recent among best in class mid-single digit pricing increases in the advertising upfront market are supported by superior advertising efficacy in actually selling products, as conveyed to consumer product clients by Steve Gigliotti's ad and marketing sales team. This supports a continued path for superior CPM (cost per thousand) advertising upfront market pricing even if ratings were to remain near flat. Over-indexing should be sustainable longer term even with steady state ratings as digital advertising technology and viewing measurement evolve.”
Scripps Networks Interactive closed on Thursday at $79.61.
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