ARGUS Reiterates a 'Sell' Rating on Entercom (ETM); Anticipates Another Tough Quarter
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ARGUS reiterates a 'Sell' rating on Entercom Communications (NYSE: ETM).
ARGUS analyst says, "We expect Entercom to report another challenging quarter in 4Q08, and the advertising market is showing signs of accelerated decline. Though some valuation metrics point toward cheapness, we emphasize that there are sometimes valid reasons for a stock to be cheap. Our 2008 EPS forecast is $0.89, and our 2009 estimate is $0.62. The company suspended its dividend in November, and near-term liquidity appears OK despite a high debt load."
Entercom Communications Corp. is a radio broadcasting company.
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