Citi Considers Meredith As Fairly Valued, Downgrades To Neutral

Citi Considers Meredith As Fairly Valued, Downgrades To Neutral
  • 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.
Posted In: BriefsNewsDowngradesPrice TargetAnalyst RatingsTech