Barrington analyst James Goss maintained a Buy rating on Gray Television (GTN) today and set a price target of $26. The company’s shares opened today at $22.45, close to its 52-week high of $23.45.
Goss wrote:
“We are raising our price target by $3 to $26, which applies a roughly 8.5x multiple to average two-year EBITDA generation over 2019 and 2020. Gray’s appealing fundamentals are led by a proven ability to capitalize impressively on available political dollars as a direct consequence of its exceptional dominance of local news in its markets. Management views industry dynamics as continuing to support consolidation. Gray’s reach of roughly 25% allows significant room to add stations to its portfolio.”
According to TipRanks.com, Goss is a 5-star analyst with an average return of 13.3% and a 67.4% success rate. Goss covers the Services sector, focusing on stocks such as Lions Gate Ent Corp Cl A, Nexstar Media Group Inc, and Sirius XM Holdings Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Gray Television with a $24.33 average price target, implying an 8.4% upside from current levels. In a report issued on March 1, Stephens also maintained a Buy rating on the stock with a $27 price target.
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Gray Television’s market cap is currently $2B and has a P/E ratio of 6.43. The company has a Price to Book ratio of 1.83.
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Gray Television, Inc. is a television broadcasting company, which engages in owning and operating television stations and digital assets in markets throughout the United States. It also sells internet advertising on its stations’ websites. The company was founded in January 1897 and is headquartered in Atlanta, GA.
