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Benchmark reiterates its Hold rating on The E.W. Scripps Company
SSP and raises its price target by 50 cents to $10.50 following strong Q4, although 2012 guidance is conservative.
Benchmark says, "2012 could be a strong year for Scripps. Including the McGraw Hill acquisition, net revenue is projected to grow by 18.5% y/y to $863 million. Excluding the MHP stations, TV revenue is projected to grow by 15% y/y, while Publishing revenue
could fall by 4% y/y. Adjusted EBITDA could be up 171% y/y to $104 million. EPS
could be $0.74."
SSP closed at $9.64 a share yesterday.
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