AMC Networks, which is trading at around 12% of its $82.81 peak share price back in November 2015, will no longer be covered by equity research company MofettNathanson.
“We are discontinuing coverage of AMC Networks due to a reprioritization of research resources,” analyst Robert Fishman wrote in a brief investor note last week.
Unfortunately, not much has happened for AMC in the decade since groundbreaking AMC water-cooler show Mad Men was winding down, and hit zombie drama The Walking Dead was peaking and setting AMC up for a herd of zombie-themed spinoffs.
As its linear channels fade to oblivion along with the rest of the pay TV ecosystem, AMC's direct-to-consumer streaming efforts — which include Acorn TV and AMC Plus — lost ground in 2023, collectively declining by 400,000 subscribers to 11.4 million users to end the year.
For its part, MoffettNathanson provided little other explanation for why AMC is getting cut loose. Here’s Fishman's letter:
