Bear Stearns upgraded Entercom (ETM) to attractive from neutral.
On Tuesday the company posted $0.32 vs. $0.21 second quarter earnings per share on a 15% revenue rise.
Analyst Victor Miller says the recent pullback in the stock price creates an attractive entry point for investors, particularly with the company poised to return to its position as the fastest growing radio company in the sector. He says Entercom has the best balance sheet in the industry, presenting a lower risk profile relative to its peers. Miller says an upgrade also reflects a significant change in the tone of the advertising market since early 2002; he now is expecting 10.5% EBITDA growth for 2002.