Goldman Sachs Lowers PT On SNI To $43

Goldman Sachs has lowered its price target on Scripps Networks Interactive SNI from $49 to $43 in light of an in line quarter from the company. In its report, Goldman Sachs writes, “We remain Sell rated on SNI shares following an in-line quarter on revenue, and a beat on expenses. With annual expense guidance unchanged, we do not flow through the beat – taking up expenses in 2H11 on marketing and programming. Ad market deceleration risk keeps us on the sidelines as SNI has among the highest ad exposure in media (roughly 65% of revenue) with tough near term comps. Our annual estimates are unchanged.” As mentioned above, Goldman Sachs remains at a Sell rating on the stock. SNI closed yesterday at $42.07.