Entercom (ETM) Jumps Mid-Day as Gilford Upgrades to Buy
ETM Hot Sheet
Rating Summary:0 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
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.
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.
You May Also Be Interested In
- UPDATE: Williams Financial Group Upgrades Semtech Corp. (SMTC) to Buy; Check Again...Quarter Was Fairly Strong
- Wells Fargo Upgrades Watson Pharmaceuticals (WPI) to Outperform; Actavis Acquisition Adds Growth Prospects
- Macquarie Upgrades SBA Communications (SBAC) to Outperform
Create E-mail Alert Related Categories
UpgradesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
