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Fly News Breaks for June 20, 2018
Jun 20, 2018 | 14:33 EDT
Lake Street analyst Mark Argento views TheStreet's (TST) sale of its RateWatch business to S&P Global (SPGI) for $33.5M in cash as a "significant positive." The sale refocuses TheStreet's operating portfolio on premium subscription products, while providing a "significant capital infusion," Argento tells investors in a research note. He points out the company's cash position is now 90c per share, or greater than 50% of its market capitalization. The analyst sees TheStreet putting the cash to work in higher return on investment areas, including its "largely untapped" 5M share buyback program put in place last November. Argento reiterates a Buy rating on TheStreet with a $3 price target. The stock in afternoon trading is up 11%, or 20c, to $1.96.