AMC Networks Inc. (NASDAQ: AMCX) cannot produce ‘The Walking Dead’ fast enough. A report from Gabelli & Co. this morning is reiterating its “Buy” rating on AMC Networks in part due to the zombie apocalypse series. The new show that came out on Sunday night came to 8.1 million viewers, and combined with a late-night re-run that was 10 million viewers. This was said to be a record for cable and up 12% from the debut of the second series. Gabelli & Co. noted, “Hit shows like Modern Family typically get 6 to 7 million.”
But wait, there is more… Gabelli says that AMC has a great content slate coming up in 2012 which includes five scripted originals versus four that were out in 2011.
The firm reiterated its Buy recommendation and assigned a private market value of $58.00 per share. Keep in mind that AMC’s $58.00 level is not a formal price target. At $42.64, the 52-week range is $29.66 to $44.34 and the Thomson Reuters consensus price target is $40.79.
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