Benchmark Co. Maintains a Buy Rating on TEGNA Inc

In a report released today, Daniel Kurnos from Benchmark Co. maintained a Buy rating on TEGNA Inc (NYSE: TGNA), with a price target of $17. The company’s shares closed yesterday at $10.45, close to its 52-week low of $10.41.

Kurnos noted:

“We continue to be slightly more cautious on the 2Q outlook than the consensus, calling for a 1% y/y core decline, unchanged from our prior forecast. We are also noticeably lower on the A&MS line as we expect Online growth will remain down y/y outside of Premion in a mid-single digit range. However, for the full year we are slightly above consensus (~$2 million), and expect there could be upside from political, retrans or both.”

According to TipRanks.com, Kurnos is a 4-star analyst with an average return of 8.2% and a 49.5% success rate. Kurnos covers the Services sector, focusing on stocks such as Chicken Soup For The Soul Entertainment Inc, Sinclair Broadcast, and 1-800 Flowers.com.

Currently, the analyst consensus on TEGNA Inc is Moderate Buy and the average price target is $15.14, representing a 44.9% upside.

In a report issued on April 25, Stephens also upgraded the stock to Buy with a $14 price target.

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The company has a one-year high of $16.70 and a one-year low of $10.41. Currently, TEGNA Inc has an average volume of 2.26M.

Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is negative on the stock.

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TEGNA, Inc. engages in the provision of innovative media services. It offers television programming and digital content, which also has a robust digital presence across online, mobile, and social platforms. The company was founded by Frank E. Gannett in 1906 and is headquartered in McLean, VA.