Versant initiated with a Hold at TD Cowen

TD Cowen initiated coverage of Versant (VSNT) with a Hold rating and $32 price target The firm says the company’s profitability is largely dependent on its secularly declining linear networks. TD views an acquisition of Versant by private equity or another buyer as “eventually likely,” but says the timing and price are “significant unknowns.” The shares “don’t appear compelling enough to recommend,” the firm contends.