AMC Networks downgraded to neutral as ‘Walking Dead’ viewership rapidly declines – MarketWatch

Shares of AMC Networks AMCX, -1.92% fell more than 2% in Monday morning trade after the stock was downgraded to neutral from overweight at Piper Jaffray. The rate of viewership declines for the cable network's flagship program "The Walking Dead" and the limited success of recently launched series in a time of rising content and marketing costs are reasons that led Piper Jaffray analyst Stan Meyers to downgrade the stock. Meyers wrote in a note to clients that he also sees negative trends coming from Piper Jaffray's spring 2017 teen survey. "We were previously comfortable with 'The Walking Dead' slowly losing viewers as the network rebuilds its audience and monetizes its new content," Meyers wrote. "However, 'The Walking Dead' viewership is now declining at an accelerated pace. Further, competitive actions by peer networks and OTT players are sapping viewers from AMC; maintaining viewers is becoming an impossible task." AMC Networks shares have declined 8% in the last 12 months, while the S&P 500 index SPX, +0.40% has gained more than 15% in the same period.

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AMC Networks downgraded to neutral as 'Walking Dead' viewership rapidly declines - MarketWatch