Gilford Securities Raised Price Target on Arbitron (ARB)

Gilford Securities is out with a research report this afternoon, where it reiterates its Buy rating on Arbitron Inc. ARB; it has a $36.00 price target on the stock, up from $33.00. The GS analysts said that Univision, the dominant Spanish-language top-10 group that dislikes PPM impact on its audience, had recently said it might return as a full ARB client by maybe Spring 2012. Analysts had felt it was a $7 million hit and had recently cut estimates. The analysts said, “ARB had cut its ‘10E forecast for 2%-6% rev. growth to the lower end of range. However, it indicates substantial Q4E rev. of at least 7.3%, even without the large missing client, Univision. It seemed Univision's missing rev. is about 200bps of foregone growth. We're boosting ests. due to Univision return for part of Q4E and all of 2011E.”