UPDATE: Albert Fried & Company Downgrades Arbitron to Underweight on FTC Concerns

Albert Fried & Company reduced its rating on Arbitron ARB from Market Perform to Underweight but raised its price target from $41 to $48. Albert Fried & Company noted, "While we like ARB's core business in Radio Ratings and we the potential to develop Multi Media and Mobile measurement platforms is attractive, however we there is little upside beyond the $48 Nielsen bid. As NLSN has +80% market share in TV ratings, ARB has +90% market share in Terrestrial Radio Ratings, and their Joint Venture Scarborough has ample market share in Newspaper Multi Platform measurement we think the deal could face U.S. FTC anti trust concerns. We think its likely ARB and NLSN will need to divest the Scarborough JV." Arbitron closed at $38.40 on Monday.