The two prior occasions he has in mind occurred after the split with CBS.
To put it succinctly, he believes the stock is being punished too severely for current shortcomings. And Karasyov states his further opinion that the stock is now at or near its bottom.
The two earlier occasions involved ratings weakness at a pair of program assets, MTV in 2009 and Nick in 2011. On both occasions, the market over-reacted, knocked the stock down, and those who managed to buy at the bottom were rewarded with a nice bounceback.
The stock was trading a couple of dimes better than $71 per share when Karasyov issued his remarks, and he thinks that price may look more like $84 a year from now.