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CS First Boston Raises Media General to 'Buy'

Credit Suisse First Boston upgraded Media General (MEG) to buy from hold.

On Wednesday the company upped its first quarter earnings per share guidance to about $0.20. Analyst William Drewry says the advertising cycle is starting to broadly turn upward, and Media General is well positioned to benefit from that. He notes that with almost one-third of revenue coming from television, Media General also is well positioned on the front-end of a recovery, with television currently showing stronger results than newspapers.

Drewry believes smaller cap newspaper stocks are benefiting from deregulation/consolidation speculation. He also thinks Media General's stock price looks very cheap on his current estimates relative to the group. He sees $0.20 first quarter EPS, and $2.17 for 2002, as well as $2.67 EPS for 2003.

Drewry has a $85 12-month target.

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