Citi Downgrades Radio Stocks ETM and CXR to 'Sell'
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Citi downgrades Radio stocks Entercom Communications (NYSE: ETM) and Cox Radio (NYSE: CXR) from Hold to Sell. Citi lowering target prices on CXR to $8.50 from $12.50 and ETM to $5 from $9.75.
Citi analyst says, "In coming months, we believe radio stocks will see increased downside risk due to downward estimate revisions and valuation compression as economic pressure win Radio's top ad verticals (recently supported by survey data that showed that 30% of respondents expect broadcast spending to decrease further over the next six months) is exacerbated by increasing financial
leverage and the recent deterioration in the credit market."
Citi maintains a Hold rating on Citadel Broadcasting (NYSE: CDL) and a Sell rating on Entravision Communications (NYSE: EVC), but lowers price target on both.
Entercom Communications Corp. is a radio broadcasting company.[SM]
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