Gabelli Downgrades Belo Corp (BLC) to Sell
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Price: $13.74 --0%
Rating Summary:
1 Buy, 1 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 1 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Gabelli downgraded Belo Corp (NYSE: BLC) from Buy to Sell. Belo recently received a bid from Gannett (NYSE: GCI).
Commenting, Gabelli said, "While a sweetener may be possible, with voting preference shareholders in favor of the deal, we see limited opportunity for an overbid. In view of the expected timing, we think shareholders could receive one or possibly two more $0.08 per share quarterly dividends prior to closing which equate to a roughly 2.2% annualized from here. Thus, while we see limited down side given Gannett's financial wherewithal, low leverage and the likelihood of a favorable shareholder vote, we are changing our recommendation to Sell from Buy, and would look for other broadcast opportunities."
For an analyst ratings summary and ratings history on Belo Corp click here. For more ratings news on Belo Corp click here.
Shares of Belo Corp closed at $13.77 yesterday.
Commenting, Gabelli said, "While a sweetener may be possible, with voting preference shareholders in favor of the deal, we see limited opportunity for an overbid. In view of the expected timing, we think shareholders could receive one or possibly two more $0.08 per share quarterly dividends prior to closing which equate to a roughly 2.2% annualized from here. Thus, while we see limited down side given Gannett's financial wherewithal, low leverage and the likelihood of a favorable shareholder vote, we are changing our recommendation to Sell from Buy, and would look for other broadcast opportunities."
For an analyst ratings summary and ratings history on Belo Corp click here. For more ratings news on Belo Corp click here.
Shares of Belo Corp closed at $13.77 yesterday.
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