Benchmark Co. Keeps a Buy Rating on Sinclair Broadcast

Benchmark Co. analyst Daniel Kurnos maintained a Buy rating on Sinclair Broadcast (NASDAQ: SBGI) today and set a price target of $52. The company’s shares closed yesterday at $29.85.

Kurnos said:

“We still believe August looks like the most likely time frame for a close, but remain confident the deal will ultimately get done, sending shares and the space higher. From a fundamental perspective, Sinclair had one of the better results in the space from a net revenue and EBITDA perspective, even with core down mid-single digits, as ancillary revenue streams, including retrans, and a delay in the timing of certain expenses drove upside vs. a muted consensus. For the first time in several quarters, forward revenue guidance also came in above the street, as core was set to improve modestly q/q, and a higher ancillary revenue base set a better run-rate for the year.”

According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 10.2% and a 52.3% success rate. Kurnos covers the Services sector, focusing on stocks such as Chicken Soup For The Soul Entertainment Inc, 1-800 Flowers.com, and Zillow Group Inc.

Sinclair Broadcast has an analyst consensus of Strong Buy, with a price target consensus of $50.

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The company has a one-year high of $40.15 and a one-year low of $26.50. Currently, Sinclair Broadcast has an average volume of 1.38M.

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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.