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NEW YORK Wall Street is trying to assess the impact of the General Motors bankruptcy on media companies, and at least one analyst’s conclusions might surprise you.
Although headlines about the U.S. car industry have sounded dire, Sanford C. Bernstein analyst Michael Nathanson on Wednesday increased his fiscal-year 2010 earnings-per-share estimates on CBS, Walt Disney and News Corp. and his price targets across sector stocks. He even upgraded CBS shares to “market perform.”
“Consumer demand for new autos has rarely been this weak and at some point in 2010 will strengthen, which will strengthen local ad markets — most notably local TV stations,” he noted in a report.
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