TEGNA Inc (TGNA) Gets a Buy Rating from Benchmark Co.

Benchmark Co. analyst Daniel Kurnos maintained a Buy rating on TEGNA Inc (NYSE: TGNA) today and set a price target of $17. The company’s shares closed yesterday at $10.97.

Kurnos commented:

“We think forward guidance now looks conservative enough to potentially exceed, especially with political coming in as strong as we’ve seen across the industry, while our new 2019 forecast still only has 1% core growth embedded despite increasingly easy comparisons vs. large displacement. Total revenue of $524 million came in nearly $8 million ahead of the street as a modest miss in core was more than offset by almost $26 million in political and a nearly $4 million q/q increase in Subscription revenue. On AM&S, we note that we estimate underlying core was down ~6%, roughly in line with the peer group when taking into account incremental crowd-out, while the segment was also negatively impacted by further attrition in the remaining digital marketing services component.”

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 TEGNA Inc is a Moderate Buy with an average price target of $15.17, which is a 38.3% upside from current levels. In a report released yesterday, Barrington also maintained a Buy rating on the stock with a $18 price target.

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TEGNA Inc’s market cap is currently $2.37B and has a P/E ratio of 8.84. The company has a Price to Book ratio of 2.28.

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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.