TEGNA Inc (TGNA) Receives a Buy from Barrington


Barrington analyst James Goss maintained a Buy rating on TEGNA Inc (NYSE: TGNA) today and set a price target of $15. The company’s shares closed yesterday at $10.67, close to its 52-week low of $10.

Goss commented:

“We are lowering our 2018-based price target by $3 to $15 for TGNA assigning a 9x two-year-forward EV/EBITDA multiple reflecting the industry-leading positions in its broadcasting and related digital businesses. TEGNA is committed to returning capital to shareholders via a $0.28 annual dividend (yielding 2.6%) and share repurchases. TEGNA is focused on using its industry-leading position in broadcasting to establish and grow related programming and digital initiatives.”

According to TipRanks.com, Goss is a 5-star analyst with an average return of 13.1% and a 66.5% success rate. Goss covers the Services sector, focusing on stocks such as Lions Gate Ent Corp Cl A, Sirius XM Holdings Inc, and iPic Entertainment Inc.

TEGNA Inc has an analyst consensus of Moderate Buy, with a price target consensus of $14.75, representing a 38.2% upside. In a report issued on August 8, Benchmark Co. also maintained a Buy rating on the stock with a $17 price target.

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Based on TEGNA Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $92.51 million. In comparison, last year the company had a GAAP net loss of $130 million.

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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.

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