Bullish--Citigroup Global Markets analyst Eileen Furukawa last week lifted her rating on Belo to Buy from Hold, and boosted her price target on its stock to 25 from 19. Belo's shares, which have been trading around 22, could go as high as 30 if Belo is willing to separate its broadcasting and newspaper divisions.--

"... A breakup of Belo would unlock tremendous value for shareholders by reducing the conglomerate discount that is currently assigned to Belo shares," Furukawa wrote in a client note. Belo has one of the best collections of TV stations outside those owned by the networks. In 11 of their 14 TV markets, Belo stations rank No. 1 or 2. The company's desirable stations are in high-growth areas, notably Texas and the Pacific Northwest.

Upgraded by Matrix Research from Hold to Buy

Downgraded by Deutsche Securities from Buy to Hold