The firm said it lowered its rating on the entertainment company based on a valuation call.
Topeka maintained its $85 price target on AMC Networks.
"We're cutting AMCX from 'buy' to 'hold' for the simple reason that the stock has performed in line with our 'buy' rating - up 28.6% just this year alone (the S&P 500 is up 3.1% thus far in 2015), and up 27.3% since initiating coverage on February 3, 2014, accentuating how unloved the name was virtually all of last year, and likewise, how dramatically that sentiment has shifted," Topeka said in an analyst note.
"With AMCX now sitting a mere 3.6% away from our target, we cannot in good conscience maintain our highest rating," the note continued.
Separately, TheStreet Ratings team rates AMC NETWORKS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMC NETWORKS INC (AMCX) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, solid stock price performance, increase in net income and growth in earnings per share. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."