Scholastic initiated with "buy"
05/24/06 - Stifel Nicolaus
NEW YORK, May 24 (newratings.com) - Analyst Drew Crum of Stifel Nicolaus & Company initiates coverage of Scholastic Corporation (SCHL) with a "buy" rating. The target price is set to $37.
In a research note published this morning, the analyst mentions that the upcoming publication of Harry Potter (HP) #7 lends significant upside to the companyís share price. Scholasticís margins are likely to improve going forward due to cost saving measures, including a $40 million overhead reduction scheme, migration of business to the Internet and mix changes towards higher margin Educational Publishing, the analyst says.
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