Gabelli Has Buy on Meredith Corp

Gabelli & Co. is out with a research report on Meredith Corp (NYSE: MDP) and it has a Buy rating on shares.

In a note to clients, Gabelli & Co. writes, "A very hot title not long ago, Everyday's ad pages and revenues are down about 20% for the year to date according to the Magazine Publishers Association (MPA) and off about 34% for the third quarter. Expansion opportunities for Ms. Ray may have been limited at Reader's Digest, but could open up with MDP's focus on home and food with its magazines and websites. Further, Meredith's infrastructure should allow it to improve profitability with its strong sales force and direct-to-publisher circulation model."

Shares of MDP closed at $24.24 yesterday.