Gabelli Maintains Buy on Scholastic (SCHL)

Gabelli is out with its report today on Scholastic (NASDAQ: SCHL0, maintaining Buy. In a note to clients, Gabelli writes, "Results were well below our expectations in a seasonally weak quarter, and a second consecutive guidance reduction is a meaningful disappointment. Nevertheless, Scholastic remains a high-class company with good long term prospects, and management continues to do a solid job on working capital management with free cash flow guidance was still $90-100 million. Execution against $45 million remaining under a share repurchase authorization seems probable." Shares of SCHL closed Friday at $26.89.