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In a report released today, Daniel Kurnos from Benchmark Co. maintained a Buy rating on Gray Television (NYSE: GTN), with a price target of $20. The company’s shares closed yesterday at $11.20, close to its 52-week low of $11.05.
Kurnos commented:
“We suspect management’s conservative nature could allow 1Q18 results to still fall within the prior guidance range despite some incremental softness in Auto, differentiating them from the broader peer group, although we are reducing our 2Q core outlook from slightly up to down 1%. We are raising our 2018E EBITDA, however, by $5 million to $388 million, still below what we think is an achievable number north of $400 million depending on political. Unfortunately, the bigger issue for Gray is 2019, with consensus at $322 million, including our overly ambitious $330 million forecast. We acknowledge we failed to consider the NBC full-year renewal impact, as well as the CBS step-up in 2H19, bringing our EBITDA forecast down to $298 million for the year. Even on our new numbers, however, shares still only trade at 6.5x blended 2018/2019E EV/EBITDA, with the Firm unfairly impacted by concerns over the pending UHF discount ruling.”
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.
Gray Television has an analyst consensus of Strong Buy, with a price target consensus of $20.
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The company has a one-year high of $17.80 and a one-year low of $11.05. Currently, Gray Television has an average volume of 1.2M.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GTN in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
