UPDATE: Deutsche Bank Raises PT on Meredith Corporation on Positive Advertising Trends

In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Meredith Corporation MDP, and raised the price target from $35.00 to $37.00. In the report, Poole noted, “We believe that Meredith's magazine advertising trends have turned positive in May and that it is controlling costs in broadcast (ex reverse comp). Ahead of results on Thursday, we therefore raise Q3 EPS from $0.67 to $0.70 and fiscal 2013 from $2.84 to $2.92, putting us at the top end of guidance and above consensus for both periods. We raise our target price, but maintain our Hold rating as one month may not make a sustainable trend, and as we believe the shares are near full value at 13x PE and 7x EBITDA on a calendar 2-yr blended basis, supported by the 4% dividend yield.” Meredith Corporation closed on Friday at $36.85.