AMC Networks price target lowered to $11 from $13 at Wells Fargo

Wells Fargo lowered the firm’s price target on AMC Networks to $11 from $13 and keeps an Underweight rating on the shares following the Q4 report. AMC faces increasing pressure to earnings, says the firm, which reduced estimates to reflect the lower guidance. The company’s lack of scale and industry challenges limit its forward visibility on AOIBDA stabilizing, the analyst tells investors in a research note. With linear declines, challenges growing direct-to-consumer subscribers and licensing not ramping, Wells does not see AMC’s AOIBDA leveling over the medium term.