In a report released today, Barton Crockett from B.Riley FBR maintained a Buy rating on Nexstar (NASDAQ: NXST), with a price target of $92. The company’s shares opened today at $77.50.
Crockett noted:
“Our recent checks suggest four current meaningful themes for Nexstar: 1) Political looks robust and potentially bigger than guided, 2) Core ad pressures remain but have lessened, 3) M&A is a current focus with Cox and Tribune likely in consideration but Cox of the two more probable, and 4) A large carriage renewal cycle in late 2019 which sets up well for 2020. We retain our Buy rating, and $92 PT, seeing very appealing cash flow to the equity (high teens yield), potential northward estimate biases from mergers and retrans, and the possibility of a meaningful long- term spectrum value increment from the transition to next gen broadcast tech.”
According to TipRanks.com, Crockett is a 4-star analyst with an average return of 4.9% and a 56.4% success rate. Crockett covers the Services sector, focusing on stocks such as Liberty Media Corporation Series A Liberty SiriusXM Common Stock, Lions Gate Ent Corp Cl A, and Qurate Retail Group Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nexstar with a $92.80 average price target.
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Nexstar’s market cap is currently $3.53B and has a P/E ratio of 6.55. The company has a Price to Book ratio of 2.16.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock.
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Nexstar Media Group, Inc. is a television broadcasting and digital media company, which focuses on the acquisition, development and operation of television stations and interactive community websites and digital media services in the U.S. The company provides services free over-the-air programming which includes programs produced by networks with which the st
