AMC Networks Inc AMCX 1.06% has seen its stock fall more than 11 percent over the past year, and its valuation today implies investors are still "taking a cautious view" of the company, according to RBC. The Analyst RBC Capital Markets' Steven Cahall initiated coverage of AMC Networks' stock with a Sector Perform rating and $57 price target. The Thesis AMC Networks' stock trades at a "modest" 6.5x CY18 P/E multiple suggests investors aren't necessarily bullish on the company's suite of "Walking Dead" programming, which continues to see declines in ratings, Cahall said in the initiation note. The most recent episode of "The Walking Dead" saw ratings fall 38 percent year-over-year, so the company's portfolio excluding the zombie franchise needs to grow its ad revenue by 1 to 2 percent to achieve 2018 estimates, according to RBC. While this might be feasible, it is also "far from certain," Cahall said. SourceSome downside still holds. $AMCX, AMC Networks Inc. / D