Gilford Securities Downgrades Arbitron to Hold (ARB)

Gilford Securities is out with a research report this afternoon, where it downgrades shares of Arbitron Inc. ARB to Hold, from Buy; it has a $47.00 price target on the stock. The GS analysts cited valuation for the downgrade, noting that ARB is up nearly 40% in the past two months. The analysts noted that ARB's fundamentals are still generally positive for the mid- to long-term, but it now has merely 7% upside to the $47 target, hence why they are backing off to a Hold. As for valuation, the analysts remarked, “ARB is at 21.8x ‘11E P/E and 25.6x '10E adj. P/E. ARB at 0.9x P/E vs. L-T Growth in ‘11E. Its 14.1x ‘11E EBITDA mult.”
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