Benchmark analyst Daniel Kurnos said the next 12-24 months will "still be messy" for Meredith following the company's "disastrous" FY20 EBITDA guidance, although he feels "relatively confident" that National EBITDA will bottom in FY20 unless there is a material change in the economy. He still sees a longer-tailed opportunity for National to re-rate higher and suspects that the Local segment will eventually be sold, even if that is no longer a near-term event, Kurnos tells investors. He keeps a Buy rating on Meredith shares but lowered his price target on the stock to $48 from $68.