Viacom And CBS Stocks Drop On Day After Merger Reveal As Analysts React To Deal

CBS stock was at $49.60 in mid-day trading, while Viacom was at $27.33. Worries about weak economic data from China and Germany, as well as the yield on 10-year Treasury bonds sent the Dow 30, Nasdaq and S&P 500 down sharply. In the media and tech sectors, though, the new components of the soon-to-beshowed some of the worst damage. Discovery shares fell 6% and Sinclair Broadcast Group shed 9% of its value.

Bank of America Merrill Lynch upgraded CBS to “buy” from “neutral,” and raised its price target to $63 from $58. Michael Nathanson of MoffettNathanson maintains a “buy” rating on CBS stock and rates Viacom’s “neutral.” Michael Morris of Guggenheim upped his 12-month price target for CBS, to $59 from $57. He also upgraded Viacom shares to “buy” from “neutral.” In a note to clients, Morris wrote, “We see the combined company as more strongly positioned to leverage its content pipeline to pursue incremental growth opportunities while maintaining a leadership position in linear video media.”

The market is falling so difficult to separate the merger from Trump.

shocker

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