Investors eyeing media stocks battered during the coronavirus pandemic from a TV ad recession and cord-cutting should tune into the streaming opportunities of TV networks for potential earnings growth, Morgan Stanley analyst Benjamin Swinburne argued Tuesday. Swinburne said the impact of cord-cutting and ad revenue drops is already priced into TV-centered media stocks, so the next leg up for share prices should come from proof entertainment players can defy Netflix and drive sustainable earnings from the streaming space.
Forecast: 2012 Upfront To Hit $19 Billion
Another strong upfront is on tap for TV networks — but not as powerful as a year ago. Versus the hefty 10% to 15% percentage spikes of a year ago, Morgan Stanley media analyst Benjamin Swinburne estimates networks — broadcast and cable — will be in the 5% to 10% range when it comes to CPMs.
