Calling it the “best house on a bad block,” Goldman Sachs analyst Mark Wienkes issued a “sell” call on Cox Radio and a target price of $3. “Despite Cox’s status as a best-in-class operator, the negative operating leverage inherent in the radio business is substantial,” the analyst told clients. Wienkes is now projecting that the business will be down 18% in 2009, rather than his previous estimate of an 8% revenue decline.
