Piper Jaffray Reports Meredith's Big Win with Allrecipes.com
According to a research report released by Piper Jaffray today, Meredith Corp. (NYSE: MDP) has acquired a significant win with Allrecipes.com.
“Post FQ2 results and the announced acquisition of Allrecipes.com, we're incrementally more constructive on MDP prospects over NTM. National and Local Media ad trends are tracking above our expectations and tailwinds in the food/home category are picking up as we forecasted. Allrecipes.com is a significant win for MDP's growing digital brand. With 25M monthly uniques, significant scale is broughtto CPG advertisers nearing a digital inflection point. Reiterate OW and $40 PT,” Piper Jaffray said in the report.
Meredith Corp. closed yesterday at $32.48.
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