Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Citigroup Downgrades Citadel Broadcasting


Citigroup downgrades radio station operator Citadel Broadcasting (CDL) to sell from hold.

Analyst Eileen Furukawa says she initiated coverage of the Broadcasting Sector yesterday with Clear Channel as a top pick. Today's action is to swap out of Citadel and into Cumulus.

She says while both companies have historically focused on smaller sized markets, which provide more viable accretive acquisitions and margin expansion opportunities, they now differ in two key ways.

On valuation, Cumulus trades at a 13% discount to group and Citadel trades at a 20% premium. Also, Citadel could enter into a "pricey", potentially near-term dilutive acquisition, which could weigh on its stock.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus