Entercom Communications (ETM) Gets a Buy Rating from B.Riley FBR

By Jason Carr

B.Riley FBR analyst Zachary Silver maintained a Buy rating on Entercom Communications (ETMResearch Report) today and set a price target of $7.75. The company’s shares closed yesterday at $6.88.

Silver observed:

“Entercom’s 1Q19 earnings results were largely a non-event as revenues and AEBITDA were in-line with the April 22 pre-announcement. As we suggested might be the case in our April 22 note, the 1Q19 AEBITDA variance versus consensus prior to the pre-announcement was largely a product of net synergy recognition timing. So, our full-year estimates are little changed. We interpreted call commentary as constructive, with management providing positive updates around the CBS Radio integration, improved trends in local spot revenues, and healthy growth in digital, network, and national. 2Q19 revenues in the bag, growth opportunities continuing to build momentum, and a potential iHeart IPO tailwind on the horizon, we remain optimistic on ETM over the balance of 2019. Following updates to our model, we are reiterating our Buy rating and $7.75 price target.”

According to TipRanks.com, Silver is a 4-star analyst with an average return of 11.3% and a 84.0% success rate. Silver covers the Services sector, focusing on stocks such as Nexstar Media Group Inc, Sinclair Broadcast, and GCI Liberty Inc.

Entercom Communications has an analyst consensus of Moderate Buy, with a price target consensus of $7.75.

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The company has a one-year high of $10.95 and a one-year low of $5.16. Currently, Entercom Communications has an average volume of 1.56M.

Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ETM in relation to earlier this year. Most recently, in February 2019, David Field, the COB, Pres & CEO of ETM bought 140,000 shares for a total of $187,600.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Entercom Communications Corp. operates as a radio broadcasting company with a portfolio of radio stations in top markets across the United States. It focuses on creating marketing solutions that incorporate the company’s audio, digital, and experiential assets. The company was founded by Joseph M. Field in 1968 and is headquartered in Bala Cynwyd, PA.