VIACA - ViacomCBS rises as Benchmark raises target; UK probes Simon & Schuster deal
The UK's competition watchdog is evaluating Penguin Random House's deal to acquire Simon & Schuster from ViacomCBS ([[VIAC]] +3%, [[VIACA]] +3%). The Competition and Markets Authority is checking whether the transaction creates a relevant merger sitution. The deadline for comments from interested parties is April 7, and the CMA expects a phase 1 decision by May 19. Meanwhile, the stock - already up 161% year-to-date - is up another 3% today, alongside a new higher price target from Benchmark. The firm boosted its target to $120 from $80, now implying 20% upside. ViacomCBS is likely to beat Street expectations - consensus is too low for Q1 and the full year, and "we think the medium-term outlook will also likley exceed consensus," it says - and streaming should offer a tailwind. Paramount Plus has launched, and when it comes to subscribers, "we have yet to see ViacomCBS miss a target and
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ViacomCBS rises as Benchmark raises target; UK probes Simon & Schuster deal