Canwest Global Communications "outperform," target price reduced

04/14/08 - Credit Suisse

NEW YORK, April 14 (newratings.com) - Analysts at Credit Suisse maintain their "outperform" rating on Canwest Global Communications (SVS), while reducing their estimates for the company. The target price has been reduced from C$10.50 to C$9.50.

In a research note published this morning, the analysts mention that the company's Canadian television EBITDA for 2Q declined $10 million due to the revenue decline resulting from the WGA strike. The downward revision in the target price reflects reduced mark-to-market value of Netwrok Ten and a slower recovery in the conventional television segment, the analysts add. The EPS estimate for 2008 has been reduced from $0.25 to -$0.05.