Citi Considers Meredith As Fairly Valued, Downgrades To Neutral

October 8, 2021 3:54 PM | 1 min read | Make a Comment

Citi analyst Jason Bazinet downgraded Meredith Corp MDP to Neutral from Buy with a price target of $59, up from $54, implying priced at the current level.
The analyst sees limited upside from current share levels after IAC/InterActiveCorp IAC agreed to acquire Meredith's National Media Group in an all-cash transaction valuing the company at approximately $2.7 billion.
Bazinet raised his price target for Meredith to reflect the expected proceeds of the NMG sale.
Related Content: Meredith Shares Pop As IAC's Dotdash Acquires National Media Group
Price Action: MDP shares traded higher by 0.26% at $58.23 in the market session on the last check Friday.