UPDATE: Deutsche Bank Lowers Meredith's PT
According to a research report published this morning, Deutsche Bank has lowered Meredith's (NYSE: MDP) PT from $31 to $30.
Deutsche Bank said in the report, "We maintain our Hold rating while decreasing our PT to $30 following a poor earnings report and another soft guide. While Meredith continues to make the most of a collection of low growth assets with commendable execution, there are still question-marks around the longer-term growth profile of the National Media brands, which is presently making conditions challenging for the shares. We think 6x EBITDA and 11x PE (on cal 2012) is fair value for the shares given this uncertainty, with downside support from a 5.2% (on cal 2012) dividend yld."
Meredith is currently trading at $29.29.
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