Viacom, Inc. (NASDAQ:VIAB) Shares Soar on Resignation of Redstone from CBS

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Shares of Viacom, Inc. (NASDAQ:VIAB) are up over 5% this morning in pre-market trading after 92-year-old Sumner Redstone stepped down as executive chairman of CBS — being replaced by CEO Leslie Moonves. The move is seen an indication by investors that the next move by Redstone will be to follow suit and resign from Viacom as well.

While it is assume by many that Redstone will step down from his role at Viacom, nothing is set in stone quite yet. It is known that the Redstone family is highly against seeing current CEO Philippe Dauman succeed Sumner, and this could delay things a bit.

If in fact Redstone does step down at Viacom, Inc. (NASDAQ:VIAB) as well, shares of the stock may even inch up even further. The stock closed at $44.67 during the last trading session. It is down 30.89% since June 30, 2015 and is downtrending. It has underperformed the S&P500 by 23.38%.

From a total of 20 analysts covering Viacom Inc. (NASDAQ:VIAB) stock, 10 rate it a “Buy”, 0 a “Sell”, and 10 a “Hold”. This means that 50% of the ratings are positive. The highest target price is $87 while the lowest target price is $42. The mean of all analyst targets is $58.53 which is 31.03% above today’s ($44.67) stock price. Viacom Inc. was the topic of 38 analyst reports since August 7, 2015 according to the firm StockzIntelligence Inc. Barrington Research downgraded shares on January 26 to a “Mkt Perform” rating. Deutsche Bank downgraded shares to a”Hold” rating and a $56 target share price in their report from a November 23. Drexel Hamilton initiated VIAB stock in a recent report from January 14 with a “Hold” rating. Credit Suisse maintained the rating on November 13. Credit Suisse has a “Outperform” rating and a $65 price target on shares. Finally, FBR Capital maintained the stock with a “Outperform” rating in a report they issued on a November 25.

Viacom Inc. is an entertainment content firm that connects with audiences in over 160 countries and territories and creates compelling television programs, motion pictures, short-form video, applications, games, consumer products, social media and other entertainment content. The company has a market cap of $17.83 billion. The Firm operates through two divisions: Media Networks and Filmed Entertainment. It has 6.42 P/E ratio. Viacom Media Networks’ program services reached approximately 700 million households in over 160 countries.

#focuskw=’Viacom, Inc. (NASDAQ:VIAB)’##metadesc=’Shares of Viacom, Inc. (NASDAQ:VIAB) are up over 5% this morning in pre-market trading after 92-year-old Sumner Redstone stepped down as executive chairman of CBS — being replaced by CEO Leslie Moonves. The move is seen an indication by investors that the next move by Redstone will be to follow suit and resign from Viacom as well.

While it is assume by many that Redstone will step down from his role at Viacom, nothing is set in stone quite yet. It is known that the Redstone family is highly against seeing current CEO Philippe Dauman succeed Sumner, and this could delay things a bit.

If in fact Redstone does step down at Viacom, Inc. (NASDAQ:VIAB) as well, shares of the stock may even inch up even further. ‘##metarobot=’index’##newskw=’Navios Maritime Partners L.P. news,Navios Maritime Partners L.P. – (NYSE:NMM),NYSE:NMM Analyst rating analysis,Stock Analysis,Outlook and potential,NMM Price change and trend,NMM stock update’##sitemap=’include’##skipsocial##stockticker=’NASDAQ:VIAB’#

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