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Merrill Keeps 'Buy' on Emmis Communications

Merrill Lynch maintains its buy rating on Emmis Communications (EMMS).

Analyst Marc Nabi says second-quarter results exceeded his forecasts and management's guidance, driven by outperformance at its radio group. That said, since Emmis' third-quarter TV revenue forecast is lower than his current forecast, he says he'll revisit his estimates following an upcoming conference call.

For now, Nabi maintains his $30 target. He says share strength in the next 12 months should come from improved industry fundamentals, a large-market focus, easy radio comparsions, and organic growth in Austin. He also sees growth from tight inventory due to demand from politics, the Olympics, and the Super Bowl on CBS.

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