Morgan Stanley lowered the firm’s price target on AMC Networks to $11 from $12 and keeps an Underweight rating on the shares. Guidance for high-single to low-double digit declines across U.S. linear advertising and affiliate revenues in FY24 “underscores the pressures still facing US entertainment networks,” the analyst tells investors in a post-earnings note. Lower cash spending supports near-term free cash flow, but puts the longer term outlook at risk, the analyst added.
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