UPDATE: Benchmark Lowers Price Target on Meredith Corp to $27

According to Benchmark, Meredith

price target is lowered to $27. Benchmark said that the Publishers Information Bureau (PIB) released its 3Q11 magazine industry advertising report, with total rate card advertising revenues better than expected, down 1.6% y/y, with ad pages down 5.6%, suggesting improved pricing or a better mix. “In view of Meredith's solid fundamentals, industry-leading publications and exposure to CBS stations in growth markets, we believe Meredith should trade at 5.5x our FY2012E EBITDA, resulting in a $27 per share price target. However, shares may remain pressured until investors see a solid turnaround in print advertising.” Meredith closed yesterday at $24.30.