Raymond James initiated coverage of Versant (VSNT) with a Market Perform rating and no price target following the spin off by Comcast (CMCSA) on January 5. The firm’s neutral rating is due to the vast majority of revenues and cash flows being derived from the declining pay TV business. While it is possible the decay curve flattens, the firm does not expect “a significant shift from the downward trajectory,” the analyst tells investors.
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