Goldman Sachs analyst Drew Borst this morning raised his rating on Viacom (VIA.B) to Conviction Buy from Neutral, with a new target of $45, up from $41.
“We expect Viacom�s advertising growth to continue accelerating for the next three quarters, closing the historic gap with peers and causing Viacom�s forward earnings multiple to increase to peer levels (from 10% discount currently),” he writes in a research note.
Borst raised his EPS forecast for the entertainment conglomerate’s September 2011 fiscal year to $3.26, from $3.10, driven by the EPIX network reaching profitability, cable network ad growth, positive foreign exchange factors, and share repurchases.
Nonetheless, VIA.B today is� down 29 cents, or 0.8%, to $36.22.
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