Benzinga | Oct 8, 2021 03:54PM EDT

Citi Considers Meredith As Fairly Valued, Downgrades To Neutral

* Citi analyst Jason Bazinet downgraded Meredith Corp (NYSE:MDP) to Neutral from Buy with a price target of $59, up from $54, implying priced at the current level.

* The analyst sees limited upside from current share levels after IAC/InterActiveCorp (NASDAQ:IAC) agreed to acquire Meredith's National Media Group in an all-cash transaction valuing the company at approximately $2.7 billion.

* Bazinet raised his price target for Meredith to reflect the expected proceeds of the NMG sale.

* Related Content: Meredith Shares Pop As IAC's Dotdash Acquires National Media Group

* Price Action: MDP shares traded higher by 0.26% at $58.23 in the market session on the last check Friday.