UPDATE: Deutsche Bank Raises PT to $30 on Meredith, Maintains Hold

Deutsche Bank reiterates its Hold rating on Meredith MDP and raises its price target to $30 from $29 a share as the company gains greater scale, despite unchanged outlook. Deutsche Bank says, "Gaining greater scale but LT growth outlook unchanged; Maintain Hold. We maintain our Hold rating while increasing our PT to $30 following a good earnings report, a soft 3Q guide, and a hefty acquisition. Meredith continues to make the most of a collection of low growth assets and magazine ad trends may be at an inflection point, but we think the run-up in the shares in recent months fully accounts for the near-term opportunity around their national consumer brands and capital return." MDP closed at $32.48 a share on Tuesday.