In a report released today, Daniel Kurnos from Benchmark Co. maintained a Buy rating on Gray Television (NYSE: GTN), with a price target of $28. The company’s shares closed yesterday at $16.10.
Kurnos commented:
“We still see room for upside to that forecast and our new full-year projection of $135 million, which implies roughly 50% of political in 4Q but is still down slightly from the $143 million reported on a PF basis 4 years ago. The other high-margin revenue stream, retrans, was lumpy in the quarter thanks to several timing issues but that will be offset by a corresponding step-up in 3Q. Full-year 2018 guidance of $350-$353 million was reiterated, and a path to some year-end upside develops if 3Q comes in towards the higher end of the guidance range of $90-$92 million and if 4Q looks like 3Q. Net guidance, however, was raised on lower reverse expectations, secondary MVPD strength and some incremental OTT flow-through.”
According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 12.4% and a 56.1% success rate. Kurnos covers the Services sector, focusing on stocks such as Chicken Soup For The Soul Entertainment Inc, Booking Holdings Inc, and Sinclair Broadcast.
Currently, the analyst consensus on Gray Television is a Strong Buy with an average price target of $22.17, implying a 37.7% upside from current levels. In a report released yesterday, Barrington also maintained a Buy rating on the stock with a $19 price target.
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Based on Gray Television’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $40.71 million. In comparison, last year the company had a net profit of $70.56 million.
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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.
