- Citi analyst Jason Bazinet downgraded Meredith Corp MDP to Neutral from Buy with a price target of $59, up from $54, implying priced at the current level.
- The analyst sees limited upside from current share levels after IAC/InterActiveCorp IAC agreed to acquire Meredith's National Media Group in an all-cash transaction valuing the company at approximately $2.7 billion.
- Bazinet raised his price target for Meredith to reflect the expected proceeds of the NMG sale.
- Related Content: Meredith Shares Pop As IAC's Dotdash Acquires National Media Group
- Price Action: MDP shares traded higher by 0.26% at $58.23 in the market session on the last check Friday.
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