Jefferies Reiterates Hold on E.W. Scripps Co. (SSP) - PT to $14
- Wall Street flat as banks gain, utilities drag
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- FBR Capital Raises Price Target on Matador Resources (MTDR) Following Announced Offerings
- Oppenheimer Raises Price Target on Bob Evans Farms (BOBE) Following 2Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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!