Wedbush Downgrades LIN Media (LIN) to Neutral

March 24, 2014 8:11 AM EDT Send to a Friend
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Price: $22.25 -0.4%

Rating Summary:
    0 Buy, 4 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 19 | Down: 17 | New: 21
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Wedbush downgraded LIN Media (NYSE: LIN) from Outperform to Neutral with a price target of $28.00 (from $32.00).

Analyst James Dix said, "On Friday morning, LIN announced a merger with Media General (MEG-NR), in which LIN shareholders would have the option to receive $27.82 in cash or 1.5762 shares of MEG ($27.49 using MEG’s current price). The average of these two options would be ~5% above LIN’s current price, a level of appreciation consistent with the median upside of our current coverage universe. Thus, we take our rating on LIN shares to NEUTRAL. The major change to our investment thesis – discussed in our initiation report dated 1/2/14 (“Back in the Game, Seeking Good Exit?”) – is simply that the possibility of LIN looking to monetize its assets, and provide some liquidity to its controlling private equity shareholder, would now be realized with the proposed transaction."

For an analyst ratings summary and ratings history on LIN Media click here. For more ratings news on LIN Media click here.

Shares of LIN Media closed at $26.32 yesterday.




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