Wachovia Upgrades Idearc (IAR) to Market Perform
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Wachovia upgrades Idearc, Inc. (NYSE: IAR) to Market Perform.
Wachovia analyst says, "IAR shares are off 94% (vs. the S&P 500 -12%) since late January. While we still remain cautious on the yellow pages industry and Idearc, we are upgrading to a Market Perform as we think the near term challenges are now reflected in the stock price...In addition, we see no end in sight from current cyclical pressures, which are weighing heavily on local advertising and IAR's results. Given the way yellow pages are sold, IAR's results will lag a rebound in the economy."
Idearc Inc. is yellow pages directories publisher in the United States.
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