Entercom (ETM) Jumps Mid-Day as Gilford Upgrades to Buy
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Shares of Entercom Communications (NYSE: ETM) have spiked mid-day following an upgrade at Gilford Securities. Trading about 4% higher for the session prior to the firm's research report, the stock jumped to a new 52-week high of $8.59 (up 8% from yesterday's close) as the news hit wires.
Gilford upgraded the stock from Hold to Buy, citing a healthier radio environment during the month of September. The firm set an $11 price target on Entercom.
The firm believes that following an improvement in the June-July period, bookings for the month of September "are often 500bps or better than expected." Gilford notes that the low-cost and short contract nature of radio give ad clients who are still cautious above a rebound in consumer spending some much-needed relief. Gilford feels that 2009 will prove to be the low point for Entercom's sales.
To see all the market-moving analyst calls on shares of Entercom, visit our Analyst Ratings page.
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