We upgrade our recommendation for
Scripps Networks Interactive (
SNI) to Outperform following its impressive third quarter of fiscal 2010 financial results, well above the Zacks Consensus Estimates. This was primarily attributable to significant growth in advertising and affiliate-fee revenue at the company's flagship Lifestyle Media business and higher total segment profit.
Importantly, the struggling online shopping business sites of the company also generated year-over-year growth. According to our view, both advertising revenue and affiliate fee revenue will remain healthy in the near-future due to an improving U.S. economy. Scripps Networks has successfully hiked fees it charges cable operators.
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