In a report released today, James Goss from Barrington maintained a Buy rating on TEGNA Inc (TGNA), with a price target of $17. The company’s shares opened today at $12.58.
Goss observed:
“We recently established a 2019- based price target of $17 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 2.2%) 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 13.8% and a 67.8% 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 $14.50, implying a 15.3% upside from current levels. In a report issued on November 8, Guggenheim also maintained a Buy rating on the stock with a $15 price target.
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Based on TEGNA Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $97.15 million. In comparison, last year the company had a net profit of $40.89 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.
