Markets & Finance

Bear Stearns Cuts Entravision to 'Peer Perform'

Bear Stearns downgraded Entravision Communications (EVC) to peer perform from outperform.

Analyst Victor Miller says incremental margins at core stations were just 37% in the fourth quarter and 47% for 2002, meaning either there is considerable upside at core stations or Entravision cannot contain its cost structure.

Miller says the Spanish-language media company spent nearly $240 million in acquisitions in 2002 on stations with little cash flow; investors may believe the company will rationalize the purchase prices, or it will have difficulty generating meaningful cash flow at its newly acquired properties.

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