Visibility For Q4 Remains Limited At Cox Radio - Wachovia Securities Comments
(RealTimeTraders.com) - Monday morning, Wachovia Securities lowered its 2003 and 2004 EPS estimates for Cox Radio, Inc. (CXR). Analyst Jim Boyle attributed the cut in estimates light third quarter guidance.
The analyst said the company’s guidance was tempered economic uncertainty, struggling Atlanta market, and weak local advertising. Going further forward, the CXR management stated that while pacings are positive for September and further out, fourth quarter visibility remains limited.
That said, the brokerage cut its 2003 EPS estimate to $0.82 from $0.87, and 2004 estimate to $1.07 from $1.14.
Concluding, Wachovia Securities maintains its Outperform rating on the CXR stock with a valuation range of $24-26. Currently, the stock is rising $0.13 and trading at $21.88.
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