Turnaround Letter Buy-rated Viacom (VIAB) completed its merger with CBS on Wednesday evening. In the all-stock combination, Viacom B shareholders receive .59625 shares of new ViacomCBS common stock, which now trades under the VIAC ticker symbol. New ViacomCBS shares currently trade for about $40/share.
The combined company will be led by CEO Robert Bakish, who has done a solid job of improving Viacom since he took the helm in October 2016.
We like the prospects of the newly combined company and are retaining our Buy rating. Our single-point price target will be published early next week.
We rate new ViacomCBS (VIAC) shares a Buy.
Disclosure Note: One or more employees of the Publisher own shares of all Turnaround Letter recommended stocks including Viacom shares.