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Analyst cuts AMC on advertising growth concerns, digital rivals

Guggenheim analyst Michael Morris lowered his rating on AMC Networks Inc. to "neutral" from "buy" on concerns about advertising growth trends and increased pressure from digital video competitors, TheFly.com reported Oct. 12.

Cutting the price target on the company's stock to $60 from $73, the analyst predicted that 2018 domestic advertising revenue will decline by 2.3%, with a 6.2% decline at AMC (US) specifically.