Viacom Inc. shares fell 1.2% in early trade Monday, after Deutsche Bank downgraded the stock to hold from buy but maintained its $56 price target after the stock gained about 35% from its late August low. "While Viacom's valuation multiples still constitute the low end of the sector range, we think this will persist given our projected growth outlook, which is lower than the rest of the media companies for structural reasons," analysts wrote in a note. Viacom lacks sports, making it more vulnerable to weakness in advertising outside the sport and live event market, said the note. The media company has less tent-pole programming than its rivals, weighing on the growth outlook for its affiliates, it said. Shares have fallen 31% in the year so far, while the S&P 500 has gained 1.5%.
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