B.Riley FBR Releases a Buy Rating on Sinclair Broadcast


B.Riley FBR analyst Barton Crockett assigned a Buy rating to Sinclair Broadcast (NASDAQ: SBGI) yesterday and set a price target of $49. The company’s shares opened today at $29.40.

Crockett observed:

“Sinclair’s (Buy, $49 PT) 1Q18 revenue and EBITDA topped our projection, mitigated by a step- back in ad trend outlook for 2Q18. But the company provided a constructive update on Fox relations and the Tribune deal.”

According to TipRanks.com, Crockett is a 4-star analyst with an average return of 4.6% and a 56.3% success rate. Crockett covers the Services sector, focusing on stocks such as Liberty Media Corporation Series A Liberty SiriusXM Common Stock, Qurate Retail Group Inc, and Sirius XM Holdings Inc.

Currently, the analyst consensus on Sinclair Broadcast is Strong Buy and the average price target is $49, representing a 66.7% upside.

In a report issued on April 25, Benchmark Co. also maintained a Buy rating on the stock with a $55 price target.

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Sinclair Broadcast’s market cap is currently $3.04B and has a P/E ratio of 5.27. The company has a Price to Book ratio of 1.94.

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Sinclair Broadcast Group, Inc. engages in the provision of television broadcasting operations. It offers content creation, programming, radio and cable stations, and advertising platforms. The company was founded by Julian Sinclair Smith in 1986 and is headquartered in Hunt Valley, MD.

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