Meredith Corp (MDP) Gets a Buy Rating from Benchmark Co.


Benchmark Co. analyst Daniel Kurnos maintained a Buy rating on Meredith Corp (MDP) today and set a price target of $70. The company’s shares closed yesterday at $53.34.

Kurnos wrote:

“We expect value to be unlocked over time through incremental asset sales (TV?), with EBITDA reaching the billion dollar goal by 2021, reinforcing the acquisition. We would characterize the ~$10 million shortfall in NMG as squarely a result of 1) not having clean comparisons; 2) improperly reflecting asset sales and seasonality, with the bulk of the “miss” coming in “other” categories (same for the guide in both NMG and Local). Print declines in the mid-teens largely matched our forecast, while subscription revenue came in a touch higher than our projection. If there was an area of disappointment, it was the continued lack of growth in digital, with management calling out ongoing disruption to operations during the integration process.”

According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 10.5% and a 55.4% success rate. Kurnos covers the Services sector, focusing on stocks such as Nexstar Media Group Inc, Sinclair Broadcast, and 1-800 Flowers.com.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Meredith Corp with a $68.50 average price target.

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Based on Meredith Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $18.6 million. In comparison, last year the company had a net profit of $159 million.

Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock.

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Meredith Corp. engages in television broadcasting and magazine advertising business. It operates through the Local Media and National Media business segments. The Local Media segment includes television stations and offers websites, mobile-optimized websites, and mobile applications.

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