Jefferies Reiterates Hold on E.W. Scripps Co. (SSP) - PT to $14
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Jefferies maintained a Hold rating on The E.W. Scripps Company (NYSE: SSP), and cut the price target to $14.00 (from $18.00), following the company's 3Q earnings report. Management highlighted that significantly lower presidential ad spend, and reduced exposure to key swing states is driving lower than expected full year political adv. Management reiterated the full year guide for $220M in retrans revenue.
Analyst John Janedis commented, "SSP reset their full year expectation for political advertising to $100M (from $135-150M), in line with our long held view that political advertising would disappoint in 2H16. We also continue to believe that core advertising growth across the industry may not reaccelerate as quickly as hoped. Maintain Hold Rating / caution on group fundamentals."
Shares of The E.W. Scripps Company closed at $12.62 yesterday.
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