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Fly News Breaks for June 25, 2015
MDP, TIME
Jun 25, 2015 | 08:38 EDT
Citi points out that since it first predicted early last year that Meredith (MDP) would acquire Time Inc. (TIME) to help offset secular magazine fundamentals, Time has been aggressively cutting costs. To reflect less potential synergies from the cost cuts, Citi reduced its probability of a deal to 65% from 95%. The firm still sees still see an acquisition by Meredith adding $4 per share to Time. It raised its price target for shares to $30 from $28 and keeps a Buy rating on Time. Citi has a Neutral rating on Meredith with a $57 price target. Its target reflects $12 to account for the potential acquisition of Time.
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