Shares of ViacomCBS Inc. (VIAC) are off 6% in Thursday trading and pacing the S&P 500 decliners on a day when the broader market is rallying. "Shareholders of stocks like Viacom, Discovery (DISCA), and AMC Networks (AMCX) own underlying assets that rely almost entirely on an old business model with both severe adverse structural forces and cyclical risk, as well as the preexisting condition of overly extended balance sheets," Bernstein analyst Todd Juenger wrote in a bearish note to clients Thursday. He cut his price target on Viacom shares to $10 from $24 while maintaining an underperform rating on the stock and writing that there would seem to be "not much left for equity holders in the COVID-19 aftermath" when it comes to Viacom, Discovery, and AMC Networks shares. Also on Thursday, The Wall Street Journal reported that Viacom parent company National Amusements Inc. struck a deal (https://www.wsj.com/articles/viacomcbs-parent-national-amusements-reaches-deal-to-restructure-credit-with-lender-11585229593?mod=searchresults&page=1&pos=1) with lender Wells Fargo & Co. (WFC) to restructure its debt after ViacomCBS's recent stock tumble brought the value of the shares below Wells Fargo's minimum threshold, citing sources familiar with the matter. The stock has lost 44% over the past month as the S&P 500 has dropped 17%.
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