B. Riley starts ‘seemingly underappreciated’ Scholastic with Buy

B. Riley analyst Drew Crum last night initiated coverage of Scholastic (SCHL) with a Buy rating and $37 price target The firm likes the company’s “powerful” brand, diverse portfolio of content intellectual property, and “unique” school-based distribution channels. It expects Scholastic to show improving profitability, with a meaningful upside opportunity relative to fiscal 2024 over the longer term. The shares is underfollowed and “seemingly underappreciated,” as evidenced by a current valuation that approaches tangible book value, the analyst tells investors in a research note.