AMC Networks price target lowered to $8 from $11 at Wells Fargo

Wells Fargo lowered the firm’s price target on AMC Networks to $8 from $11 and keeps an Underweight rating on the shares. The firm notes AMC Networks continues to navigate rough waters and as a result management focus remains on being surgical with its licensing strategy plus de-risking the balance sheet. However, underlying challenges are apparent in AOIBDA declines, Wells adds.