In October, Wells Fargo Securities Managing Director Marci Ryvicker upgraded Viacom from “Underperform” to “Market Perform,” but in doing so expressed caution with the media company.
Why the upgrade? “We believe we’re close to the potential floor” as Ryvicker’s team cut her valuation range on VIA shares to $33-$35 and reduced her estimates on Viacom.
Since then, Viacom has been bouncing between $40 and $43.45 a share, as investors await the company’s next moves and a possible reunification with CBS Corp.
The uncertainty is wearing thin with two other Wall Street analysts, who each lowered their ratings on Viacom in the last two weeks.