UPDATE: Piper Jaffray Downgrades Meredith Corporation to Neutral on Full Valuation
Piper Jaffray downgraded Meredith Corporation (NYSE: MDP) from Overweight to Neutral and raised the price target from $38.00 to $43.00.
Piper Jaffray stated, "We are assuming coverage of Meredith with a Neutral rating and $43 PT as shares appear fairly valued on core fundamentals, in our view, following 41% appreciation the last 3 months. We acknowledge intrigue around value creation associated with a potential spin-off of Time's magazines with Meredith, with our scenario analysis suggesting fair valuation could reach $66 with modest cost synergies. However, given complexity and risk we can only place a 50/50 probability on a completed transaction, and we would wait for more clarity on details surrounding a spin-off to get constructive on the stock."
Meredith Corporation closed at $42.56 on Monday.
Latest Ratings for MDP
|Nov 2015||Stephens & Co.||Initiates Coverage on||Equal-weight|
|Jul 2015||Jefferies||Initiates Coverage on||Hold|
|Feb 2015||Wells Fargo||Initiates Coverage on||Market Perform|
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