FBR Capital Upgrades TENGA, Inc. (TGNA) to Outperform
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FBR Capital upgraded TENGA, Inc. (NYSE: TGNA) from Market Perform to Outperform with a price target of $26.00 (from $24.00), saying the story will soon shift from political to spin.
Analyst Barton Crockett commented, "We believe that this fall, TEGNA's shares have been held in check by a cloud of secular concern for the TV group and fears of a weak political ad spend cycle. We see room for optimism when TEGNA reports 3Q16 results on Wednesday, November 2, given recent developments in the presidential race. Still, we see an even better argument for the equity that looks the other way. After next week, political ad spending this cycle will be done, and the story for TEGNA will shift to the planned spin of Cars.com in 1H17 and an apparent intention to seek to monetize CareerBuilder on a near-term horizon, which were outlined September 7, but we think have been overlooked by the market in the rush to worry about political. As political passes, we believe the focus will return to the SOTP, where our updated look at comparables for likely-to-be-divested units pushes us to raise our price target $2 to $26 and take our rating to Outperform."
Shares of TENGA, Inc. closed at $19.62 yesterday.
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