Gabelli Initiates Coverage on Bowne & Co (BNE) with a Buy
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Gabelli & Co initiates coverage on Bowne & Co (NYSE: BNE) with a Buy.
Gabelli analyst says, "BNE is trading at ~3x '09Est EBITDA and a significant discount to our 2010 PMV of $13/share...future SEC regulations forcing public companies to file reports in XBRL format should provide barriers to entry for BNE's competition... BNE extended its bank credit to May 2011, which should ease any balance sheet fears and cost cutting has eliminated about $72mm of annualized expenses."
Bowne & Co., Inc. (Bowne) provides business services that help companies produce and manage their shareholder, investor, marketing and business communications.
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