Versant Media initiated with a Neutral at JPMorgan

JPMorgan analyst David Karnovsky initiated coverage of Versant Media (VSNT) with a Neutral rating and $43 price target The company has a collection of cable networks covering sports, financial news, politics, and general entertainment, the analyst tells investors in a research note. JPMorgan believes the headwinds to distribution and advertising in the pay-television space are well known, but says Versant will have to navigate declining sales trends in the near term while maintaining programming quality to remain attractive to audiences. It thinks investors will be hesitant to award the company for its growth initiatives until EBITDA stabilizes or upside from the platforms business is more proven out.