Wunderlich Upgrading Scripps Networks (SNI)

Wunderlich Securities is upgrading shares of Scripps Networks Interactive, Inc. SNI to Buy, and is raising its price target to $60 from $54. In a note to clients, Wunderlich writes, "We are raising our rating on Scripps Networks Interactive (SNI) to Buy from Hold and increasing our S&P 500 relative value derived price target to $60 from $54. While cognizant of low double-digit ratings declines at Food against ridiculous comps and low single digits at HGTV, the scatter ad market remains up in the mid-teens and SNI is gaining big traction on Travel Channel with ratings up over 20% total day in 4Q. SNI is distinguished by its heavy in-house programming and the latter's enthusiast appeal for digital media such as tablets. We see asymmetric upside off analysis of affiliate fee and ad growth at Travel out to 2015, complemented by work on more mature HGTV and Food." Shares of SNI gained 6 cents on Friday to close at $48.55, a gain of 0.12%.