Media General (MEG) Upgraded to Neutral at Davenport
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Shares of Media General (NYSE: MEG) spiked earlier in the trading session on the back of an upgrade from an analyst at Davenport. Trading to as high as $11.53 just after the upgrade, the stock has now given up these gains and is back in negative territory, most recently trading at $10.96.
The firm moved its investment rating from Reduce/Sell to Neutral, citing the inline Q3 results this morning. Despite a decrease in Q3 sales, Media General "indicated that advertising spending has improved and its September revenue was down 12% year-over-year."
Davenport moved its FY09 loss estimate from $0.54 to $0.26 and set a FY10 EPS estimate of $0.78. The Street is currently looking for a FY09 loss of $0.54 and FY10 EPS of $0.22.
Visit our Analyst Ratings page to see all the analyst upgrades/downgrades on shares of Media General in an easy-to-use list format.
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