Citi Initiates Coverage On Scripps Networks Interactive, Inc. (SNI)

Citi Investment Research is initiating coverage with a Buy rating and a $63 price target on shares of Scripps Networks Interactive, Inc. SNI. In a note sent to investors, Citi writes, "We're initiating on Scripps with a $63 price target and a Buy rating. Our price target reflects enthusiasm for Scripps' assets, buttressed by what we see as a potential sale." Citi goes on to say, "The strategic value of Scripps is high, in our view. We expect that there could be significant interest in Scripps from rival firms once ownership of the trust's shares is no longer concentrated. And, we see $20 per share upside potential if Scripps were to be sold." Shares of SNI lost 22 cents on Friday to close at $51.75, a loss of 0.4%.