Analyst raises Saga estimates

Saga Communications gave Wall Street an early look at what to expect in its Q4 results and caused CL King analyst Jim Boyle to raise his estimates. The company said Q4 revenues would be in a range of 37.3-37.7 million. The company also announced a 30 million bucks increase in its stock buyback authorization, although Boyle notes that Saga has been a slow buyer of its own stock. The analyst notes that Saga is one of the most inexpensive radio stocks (yes, it has TV too, but is mostly radio), but that isn’t making him recommend that clients buy the stock. “Saga is still in an out-of-favor sector, so even relatively better-than-expected results versus CL King and largely meeting the Street estimates should not be sufficiently impressive to investors, in our view,” Boyle said in his latest research report.
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