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Fly News Breaks for October 7, 2019
MDP
Oct 7, 2019 | 08:43 EDT
In a research note titled "We Couldn't Have Been More Wrong," Citi analyst Jason Bazinet lowered his price target for Meredith to $44 from $66 while keeping a Buy rating on the name. Many investors were surprised when management offered "tepid" fiscal 2020 EBITDA guidance of $640M to $675M, Bazinet writes. The guidance suggests the underlying business, excluding synergies, would only generate $100M of EBITDA, adds the analyst.
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