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Bear Stearns Boosts Rainbow Media

Bear Stearns upgraded Rainbow Media (RMG) to buy from attractive.

On Thursday the cable company inked a pact to expand distribution of Women's Entertainment (WE) network to 10 million Time Warner Cable homes.

Analyst Gloria Radeff says the technical factors are largely out of the stock, and shares could gain momentum from additional distribution and programming deals. She says Thursday's expanded pact brings Women's Entertainment distribution to 50 million affiliated subscribers and 32 million viewing subsribers vs. her prior estimates of 44 million and 26 million, respectively.

Radeff thinks the company's shifting of its business model to capture additional revenues should help drive the share price. She raised her 2001 EPS estimate to $0.49, and raisted the 2002 estimate to $0.86. She has a $30 target.

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