After RBC Capital and Jefferies gave Nexstar (NASDAQ: NXST) a Buy rating last month, the company received another Buy, this time from Benchmark Co. Analyst Daniel Kurnos maintained a Buy rating on Nexstar today and set a price target of $94. The company’s shares closed yesterday at $76.85.
Kurnos said:
“We also had to adjust our 3Q expenses, which were too light, with the increase equivalently offset by the expected political flow-through. We are currently forecasting 2018 revenue of $2.68 billion, up 14% y/y, leading to adjusted EBITDA of $990 million, up 39% y/y. We would not be surprised to see the year end with EBITDA north of $1 billion if political falls out as we expect and given management’s cost control focus. We have not included the recent small TV station acquisitions in our forecast either.”
According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 12.7% and a 56.2% 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.
Nexstar has an analyst consensus of Strong Buy, with a price target consensus of $91, representing a 18.4% upside. In a report released yesterday, Barrington also maintained a Buy rating on the stock with a $96 price target.
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Based on Nexstar’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $87.73 million. In comparison, last year the company had a net profit of $43.99 million.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock.
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Nexstar Media Group, Inc. is a television broadcasting and digital media company, which focuses on the acquisition, development and operation of television stations and interactive community websites and digital media services in the U.S. The company provides services free over-the-air programming which includes programs produced by networks with which the st
