UPDATE: Imperial Capital Reiterates Outperform Rating, Raises PT for Salem Communications

In a report issued earlier today, Imperial Capital, LLC reiterated its Outperform rating for Salem Communications Corporation SALM, along with raising its price target from $5.50 to $8.00. Imperial Capital went on to say “SALM's forward-looking multiple has started to expand, which we previously thought was unlikely. SALM's forward-looking multiple has expanded to 7.0x, compared to a range of high 5.0x-low 6.0x over the past year, in our view. We believe the multiple expansion is a direct result of increased management visibility throughout 1Q12, the $0.035 quarterly dividend announced on 3/18/12, increased liquidity in the stock, and continued momentum in political advertising.” Salem Communications Corporation closed on Friday at $5.61.