Benchmark Co. analyst Daniel Kurnos maintained a Buy rating on Meredith Corp (NYSE: MDP) yesterday and set a price target of $70. The company’s shares opened today at $51, close to its 52-week low of $47.30.
Kurnos said:
“We view Steve’s 10,000+ share purchase as a reasonably strong statement of belief in a combination of the medium-long-term outlook as well as the current valuation of the existing asset base, and suspect the purchase will prove prudent over the next 12 months regardless of any interim noise. With all of the attention on the Publishing results, and given some challenging core results (as well as weakness across the entire sector), we think MDP’s broadcast asset is being overlooked. While it’s hard to gauge if a sale is being considered down the road (tax and spin implications make a near-term sale challenging), the Firm has a strong portfolio, with 4 duopolies in the top 31 DMAs, which we have already seen drive retrans leverage within our universe (we note MDP’s Other line jumped from $64.2 million in F2Q18 to $88.9 million in F3Q18).”
According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 12.3% and a 56.5% success rate. Kurnos covers the Services sector, focusing on stocks such as Chicken Soup For The Soul Entertainment Inc, Sinclair Broadcast, and 1-800 Flowers.com.
Currently, the analyst consensus on Meredith Corp is Moderate Buy and the average price target is $64.50, representing a 26.5% upside.
In a report issued on May 30, Citigroup also upgraded the stock to Buy with a $59 price target.
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The company has a one-year high of $72.25 and a one-year low of $47.30. Currently, Meredith Corp has an average volume of 666.5K.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MDP in relation to earlier this year.
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Meredith Corp. engages in the media and marketing activities. It operates through the Local Media and National Media segments. The Local Media segment includes television stations. It also has websites, mobile-optimized websites, and mobile applications.
