FBR Capital Upgrades TENGA, Inc. (TGNA) to Outperform
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FBR Capital Raises Price Target on TEGNA (TGNA) Following Investor Conference
- UPDATE: Stifel Downgrades EMCOR Group (EME) to Hold
- Mizuho Securities Upgrades Lululemon Athletica Inc. (LULU) to Buy; Sees Upside Continuing
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!