Wedbush Downgrades Entravision Communications (EVC) to Neutral, Stock Has Outrun Reality

Wedbush downgraded Entravision Communications (NYSE: EVC) from Outperform to Neutral with a price target of $7.00 (from $6.50).

Analyst James Dix said the stock has outrun their raised price target, if not reality.

"On anticipation of potential spectrum asset value, EVC shares are up 66% over the past quarter, despite our lower post-3Q estimates," Dix comments. "Our PT has substantially discounted a potential of $400m+ in spectrum asset value, with minor loss of free cash flow, for possible delays and variance in proceeds as the complex FCC auction process unfolds."

Dix notes there are positive possibilities in the spectrum story. However, there are negative uncertainties in the spectrum story as well.

For an analyst ratings summary and ratings history on Entravision Communications click here. For more ratings news on Entravision Communications click here.

Shares of Entravision Communications closed at $7.13 yesterday.

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