Analyst Rates Entercom A “Sell”
by Brian Maloney, February 20th, 2009 at 02:09am
Citing the expectation of continued tough times ahead for the WRKO - WEEI owner, an analyst at ARGUS yesterday issued a “sell” rating on shares of Entercom (NYSE: ETM). From their report:
ARGUS Reiterates a ‘Sell’ Rating on Entercom (ETM); Anticipates Another Tough Quarter
February 19, 2009
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 shares finished yesterday’s trading at $1.12, down four cents.
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2 Comments Add your own
1. ChrisNH | February 20th, 2009 at 6:22 am
$1.12? Maybe by Monday you’ll be able to find shares for sale in Dollar Tree. No sense going through the NYSE; those folks are too busy enjoying the ‘hope’ and ‘change’ that comes with a market that won’t stop falling. And lookee here…a falling market and plummeting advertising seem to go hand-in-hand. How ’bout that? Enjoy your new reality, Entercom, NYT, CBS, Boston Globe, MSNBC!
2. the real Barbara | February 20th, 2009 at 8:44 am
Entercom, the end is near, tick tick tick tick tick! Howie is the one propping this POS up, how many more years on his contract? He’ll be at that other station in no time.
Hope and change, yep, hope and change, nothing like it. In one month we have gone from bad to devastating, everything is collapsing around us and the dems just keep spending and spending and spending and taxing taxing taxing.
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