Goldman analyst Brett Feldman believes that Covid-19 will accelerate the rate that Americans drop cable. He initiated Buy ratings on both Disney and Viacom...
In many cases, the coronavirus pandemic, rather than changing the landscape of a sector, is just accelerating trends already in place. That could certainly be said of media, as nearly every company is jumping into streaming as cord-cutting picks up. That’s good news for companies such as Walt Disney and ViacomCBS, says Goldman Sachs.
The problem, Feldman writes, is that major media companies tend to get between 30% to 90% of their revenue from traditional, linear video advertising and affiliate fees. Therefore, the stocks of these companies will largely depend on how bullish investors feel about their ability to replace these traditional sales channels with direct-to-consumer services.
He also initiated coverage of Viacom with a Buy rating and $34 price target. He notes that at the stock’s current levels, investors appear to be assigning zero value to the company’s streaming and digital business, even as it’s approaching $2 billion in revenues. “Planned enhancements to CBS All Access in early 2021 could be a catalyst for unlocking $13-17/share of value , in our view.”
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