This level of improvement is not reflected by EVC's valuation....

S&P RAISES OPINION ON SHARES OF RADIO ONE TO BUY FROM HOLD
Thursday 10/29/2009 12:27 PM ET - Standard & Poor's Research Notes
ROIAK reports Q3 EPS of $0.25, vs. a $2.81 loss last year, and better than our $0.05 EPS estimate. ROIAK says it saw a significant improvement in many of its markets, and in categories such as food, retail and healthcare. We expect improving trends to continue into '10, but we think automotive and financial segment ad rates may well remain burdensome. We narrow our '09 estimate to $0.48 loss from $0.63, and raise our '10 estimate to $0.49 EPS from $0.13. We raise our target price to $2.50 from $0.50, on updated EBITDA analysis.