) shares rose after Raymond James upgraded them to strong buy from market perform.
Analyst Budd Bugatch says he believes APN shares present a compelling valuation. He notes that APN's stock, like its business, has been historically volatile. However, he says APN remains a viable, fundamentally profitable enterprise. As such, it has historically been a near-term buy at or below about 1.5 times tangible book value. At today's valuation of 85% of tangible book, he thinks APN again offers opportunity.
Bugatch sees EPS of $0.51 in 2002 and $0.64 in 2003. He set a $6.50 price target, or about 10 times his 2003 EPS estimate.