Salem Communications (SALM) falls 7% on 2005 guidance, analyst downgrade

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Salem Communications (ticker: SALM) fell 7% on Friday in response to its 2005 guidance and an analyst downgrade.

For 2005, SALM forecasted EPS of $0.11-$0.13, below the consensus estimate of $0.17.  As a result, ear Stearns downgraded the stock to Peer Perform from Outperform.  SALM cited startup costs associated with the acquisition of stations in Atlanta, Chicago, Dallas, Detroit, Houston and Miami.