Arbitron Reports Better Than Expected Quarter, JP Morgan Raises PT To $49

JP Morgan has published a research report on Arbitron ARB after the company reported better than expected 4Q results and healthy EPS growth. In the report, JP Morgan writes "Arbitron reported better-than-expected Q4 results with EPS of $0.57 ahead of our $0.56 and at the high end of implied guidance of $0.53-$0.58. Upside came at the top line with revenue growth of 10% (vs. our 8.5%) driven by PPM, which is now fully rolled out, and a return to slight growth in the company's discretionary products from a 7% decline in Q3. Profitability was also stronger thanks to SG&A and R&D both declining double digits y/y; EBIT margin came in at 23% vs. 13% prior year." JP Morgan maintains its Overweight rating and has raised the price target from $38 to $49. Arbitron closed yesterday at $43.59.