AMC Networks' 'Fear The Walking Dead' Warrants Price Target Bump At J.P. Morgan

Analysts at J.P. Morgan believe that excitement surrounding AMC Network's latest spin-off "Fear the Walking Dead" is enough to bump the network's price target to $87 from $81. "We believe the series premiere on Sunday of the new series and next five episodes in the first season will likely have strong ratings given the passionate viewer base for the original series 'The Walking Dead,' which drew an impressive 14.4 million average total viewers in its recent fifth season," J.P. Morgan analyst Alexia Quadrani said in a note. Quadrani cites an article from Ad Age that said "Fear the Walking Dead," which will premiere at 9 p.m. est on Sunday, garnered about $325,000 per 30-second spot from advertisers during its upfronts, and $370,000 in the scatter market, implying nearly $45 million in advertising revenues for the first six episodes of the first season. "The Walking Dead," in its most recent fifth season, set a price of $415,000 per 30-second spot, according to J.P. Morgan. Quadrani said that the first two episodes of the show have gotten mixed reviews, but she believes it will be a slow-burn and take a few episodes to hit its stride.