Market Overview

Benchmark Maintains Hold, $30 Target on Meredith Corporation

Benchmark maintains its Hold rating and $30 target price on Meredith Corporation (NYSE: MDP) as broadcast may help offset steep magazine advertising decline.

Benchmark says, "We regard Meredith as one of the better-run companies in the media sector, given its strong balance sheet, dominant position in women's magazines, relatively new and growing revenue streams and solid position in television with 12 stations mostly in markets that have shown above-average growth. Meredith should benefit from strong program ratings on CBS as six of its 12 TV stations are CBS affiliates. We think Meredith ought to be positioned for solid broadcasting growth in FY12, buoyed by increased political advertising. However, softness may persist in print advertising near-term, limiting growth."

MDP closed at $31.97 per share on Thursday.

Posted-In: BenchmarkPrice Target Reiteration Intraday Update Markets Analyst Ratings

 

Related Articles (MDP)

Around the Web, We're Loving...

Get Benzinga's Newsletters