Wells Fargo Securities analyst Eric Katz upgraded Meredith (MDP) to Outperform from Market Perform and raised his price target for the shares to $76 from $54.

The media company in midday trading is up 9%, or $5.75, to $6.75. The analyst sees the Time Inc. (TIME) acquisition yielding "substantial" cost synergies that will fall to EBITDA. His new price target is the high among sell-side analysts, according to data compiled by Bloomberg.