ViacomCBS got a double upgrade from Bank of America analyst Jessica Reif Ehrlich, who boosted rating on the media company’s shares to buy from underperform. Ehrlich also hiked share-price target to $53 from $38.
Ehrlich cited Viacom’s “scarcity value in an industry facing consolidation.” She indicated that various recent press reports have suggested Viacom as a potential target “with several assets that could command a premium."
The analyst emphasized that Viacom’s variegated content consisting of 140,000-plus TV episodes and 3,600-plus films across sports, movies, comedy, news, children, etc. “has value as an entire entity or if sold in individual parts.”