Citi Assumes Coverage of Terrestrial Radio
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- Citi Assumes Coverage of Terrestrial Radio
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Citi rates Citadel Broadcasting (NYSE: CDL) with a Sell as the company will likely suffer from its high leverage, ABC deal, and damaged credibility with investors. We rate Entravision Communication (NYSE: EVC) with a Buy due to its TV assets, ability to monetize retransmission and exposure to the fast growing Hispanic market. We rate Cox Radio (NYSE: CXR) and Entercom Communications (NYSE: ETM) with a Hold.
Citi analyst says "We are bearish on the near-term outlook for the industry due to: 1) deteriorating industry fundamentals, 2) weak US economy' and 3) high financial/operational leverage. While further valuation declines should be minimal, we expect downward consensus Leo Kulp, CFA estimate revisions...We discount some of the digital initiatives (e.g., HD Radio and Internet advertising) that have been promoted by the industry as potential revenue drivers as they are less meaningful at this juncture. However, we see a couple of other potential opportunities to revive growth in the industry longer term, which admittedly are nebulous at this point."
Citi price target (PT) on CDL is $0.75, $12.50 on CXR, $11 on ETM and $9.25 on EVC.
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