Gilford Securities Reiterates Buy Rating on Entercom (ETM)

Gilford Securities is out with a research report this morning, where it reiterates its Buy rating on Entercom Comm. ETM; it has a $13.00 price target on the stock. The GS analysts said that they believe that November's prop data for ETM will come in ahead of expectations, noting that rates, via higher cost-per-points, are firming up in the mid-term, which bodes well for the radio industry's 2011E. The analysts are raising their FY2011 EPS estimate to $1.43, from $1.36. As for valuation, the analysts remarked, “ETM is 6.8x TEV/'11E EBITDA or a 21% discount to estd. 8.6% '10-‘12E CAGR. P/FCF is 3.3x. Its 6.5x P/E is an over 50% discount to estd. growth, or a 0.46 P/E-Growth.”