Davenport Raises Estimates on Media General (MEG)
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Davenport & Co. is out with a research note today highlighting Media General (NYSE: MEG). After reporting Q2 earnings yesterday, the firm revised its future earnings estimates on the company, but maintained a Neutral rating.
Reflecting lower interest expense, the firm raised its FY08 GAAP EPS estimate from $0.52 to $0.70. While positive on certain aspects of its business, Davenport believes Media General will continue to see weakness in its publishing operations. The firm is also concerned with the current economic backdrop: a long-term secular decline within the newspaper industry. Davenport also points out that Media General currently has a high level of debt and weak cash flow.
Media General, Inc., a communications company, provides news, information, and entertainment through various channels in the United States.
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