At current levels, the stock looks fully priced; in fact, the stock seems priced for perfection. While we still believe a takeout longer term is possible ... the stock at this price seems to anticipate most of that as well. |
We think both competitors are to be taken seriously, but do not believe the case of secular impairment of the newspaper companies is as draconian as current sentiment would suggest. |
We view any potential delay as being one to two months rather than six months duration. |