News

Analyst: Viacom Looks Shielded

6/23/2002 8:00 PM Eastern

UBS Warburg LLC media analyst Christopher Dixon raised his rating on Viacom Inc. to "strong buy" and maintained a $60 target in light of a strong upfront at CBS and what he called a "bulletproof" balance sheet. With CBS Television's record upfront bookings of $1.95 billion — and signs of a turnaround in its radio networks — Dixon wrote that Viacom will be able to reach his targeted 2002 estimated cash flow of $5.6 billion. The stock rose on the news, closing at $47.04 on June 19 — up 4.7 percent, or $2.12, from its June 14 close of $44.92.

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