Meredith Corp Receives a Buy from Benchmark Co.

In a report released today, Daniel Kurnos from Benchmark Co. maintained a Buy rating on Meredith Corp (NYSE: MDP), with a price target of $70. The company’s shares closed yesterday at $49.60, close to its 52-week low of $48.80.

Kurnos wrote:

“We are establishing proforma estimates for Meredith (MDP: Buy, PT from $77 to $70) through FY20. We are confident that the first yard post between now and the final goal is EBITDA just south of $800 million in FY19, assuming all planned divestitures, and believe we have a good grasp on the impact of the sale process, along with the timing of synergies. While we expect there will be material noise in the segment buckets given the lack of historical data to date, we are arriving just below management’s $1 billion FY20 target with legacy TIME print falling to low- double digits by F3Q19 and digital growing mid-single digits, leading to an adjusted EBITDA margin of 31.5%, inside the long-term guidance range.”

According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 10.6% and a 53.9% 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.

Meredith Corp has an analyst consensus of Moderate Buy, with a price target consensus of $70.

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The company has a one-year high of $72.25 and a one-year low of $48.80. Currently, Meredith Corp has an average volume of 645.1K.

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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.