UPDATE: Wedbush Upgrades Entravision Communications to Outperform on Growth Catalysts

Wedbush upgraded Entravision Communications

from Underperform to Outperform and raised the price target from $1.40 to $2.50. Wedbush said, "We see reward/risk skewed to upside on new revenue growth catalysts and attractive valuation on 2014 free cash flow, which should come into sharper focus this year. … The key to our call – on our new 2014 estimates, our higher PT reflects compelling reward/risk; our 2013E EPS goes above Street to $0.11 from $0.08 on debt repayment. New opportunities for 2013 are border markets, Affordable Care Act advertising, and radio network expansion – a competitor conference this week could be a catalyst for broader investor focus on these." Entravision Communications closed at $1.69 on Tuesday.