UPDATE: Deutsche Bank Raises PT on Meredith Corporation on Positive Factors
In a report published Monday, Deutsche Bank analyst Matt Chesler reiterated a Hold rating on Meredith Corporation (NYSE: MDP), and slightly raised the price target from $34.00 to $35.00.
In the report, Chesler noted, “We maintain our Hold despite moderating print ad pages declines, including just -4% in April and fiscalQ3. While magazine trends have improved, Meredith has yet to arrest the declines. We like the company's stable consumer brands, better TV trends, and the retrans opportunity beyond FY13, but believe the shares are fully valued at 13x PE and 7x EBITDA on a calendar 2-year blended basis. There's 1% downside to our $35 target price ($34 prior), which is based on stand-alone Meredith as we think a deal with Time Inc is off the table now that Time Warner has announced a spin, offset by the 4% dividend yield.”
Meredith Corporation closed on Friday at $36.11.
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