Goldman Sachs analyst Mark Wienkes is out with a report severely cutting his estimates for radio companies, also including TV-radio Spanish specialist Entravision. His cuts are based on expectations that ad revenues will plunge 8% for the radio industry in 2009 and 7% (excluding political) for television. For Entravision the analyst now sees 2008 earnings per share of five cents, rather than 14 cents; and he projects negative EPS of nine cents for 2009, rather than 17 cents to the positive side. Wienkes’ lowered his 12-month discounted cash flow-based price target on Entravision to $2 from $6.
Sign up for free to get:
The Daily Intelligence Report delivered to your inbox.
RBR+TVBR delivers complete broadcasting news analysis and our famous observations.