LGF.A (Upgrade to Outperform, PT to $27 from $26) – While we haven't fundamentally changed our view on some concerns about LGF and big media, we do think the recent inflection in Starz sub trends (accelerating in Q2:F19 by 1.3M), plus future international opportunities, create an attractive entry position. Importantly, as a pay TV network Starz does not face negative basic cable dynamics nor does it have any exposure to the advertising market. We think Starz has turned the corner – the network has also passed 3MM OTT subs, likely putting it in the top 5 OTT platforms (see platform rank: https://bit.ly/2QOkLhm). With LGF carrying a ~13% FCF yield, among the highest in media, we are now looking through our concerns about historical execution.
Cowen_LGF_A.pdf#
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