Top media analysts have cut their short-term growth prospects for ViacomCBS following last week’s financial disclosures that came as part of the closing ofCorp. released specific year-to-year projections for its free cash flow yield, guidance that the company has not offered Wall Street in the past. CBS’ numbers were much lower than those modeled in recent months by top Wall Street analysts at MoffettNathanson, Barclays, JPMorgan, Guggenheim, UBS and other banks.
Analysts noted that CBS’ total revenue forecasts for 2019 , 2020 and 2021 came in higher than most analysts projected: 3% higher in 2019 and 2020 than MoffettNathanson estimates and 8% higher in 2021. CBS has repeatedly talked up its plan to invest heavily in new content in the near term. That plan will cut into its profitability in the early part of the three-year horizon for CBS’ formal Wall Street guidance stretching to 2021. CBS has made the case that those investments will pay off through higher licensing and subscription revenue in the long run.
Bernstein Co. analyst Todd Juenger, who is not one to mince words in his commentary, made similar revisions to his models for CBS based on the filing. He cut his target price for CBS by $3 to $32 and maintained his Underperform rating on shares. Juenger was one of the loudest voices on Wall Street arguing against the CBS-Viacom reunion, given his longstanding criticism of Viacom.
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