Meredith Corp (MDP) PT Raised to $38 at Guggenheim
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Rating Summary:
4 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Guggenheim analyst Curry Baker raised the price target on Meredith Corp (NYSE: MDP) to $38.00 (from $35.00) while maintaining a Neutral rating.
The analyst commented, "Meredith reported F1Q20 revenue of $725mm (vs. our $733mm) and adj EBITDA of $122mm (vs. our $124mm). Management issued its F2Q adj EBITDA guide of $173mm-$181mm (we are unchanged at $179mm), and reiterated its FY20 guidance of $640mm-$675mm (we are at $671mm vs. $658mm prior). The FY20 EBITDA guide includes $50mm of strategic investments. We are raising our price target to $38 from $35 based on higher estimates at Local and National Media."
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