Hearst Sell-Off Looks Like a Buying Time11/24/2002 7:00 PM Eastern
Despite a recent sell-off in Hearst-Argyle Television Inc. shares, AG Edwards analyst Michael Kupinski restated his "buy" rating last week and set a $30 price target, preferring to focus on the broadcast and cable company's strong fundamentals. Hearst shares have dropped $4.40 since Oct. 30, to $21.99 apiece, mainly because of investor sentiment against owning broadcasting stocks going into an off-political and non-Olympic year, Kupinski wrote. Still, Hearst exceeded the analyst's third-quarter revenue and cash-flow estimates by 1.7 percent and 5.7 percent, respectively, giving him reason to restate. "We would take advantage of the sell-off in TV stocks to purchase [Hearst-Argyle]," he wrote.