Tribune Media (TRCO) Numbers Cut as Jefferies; Reduced Outlook Not Unexpected
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Jefferies analyst John Janedis lowered estimates and his price target on Hold-rated Tribune Media (NYSE: TRCO) to $34.00 (from $38.00) saying the reduced outlook was not expected.
Janedis commented, "Similar to peers, TRCO lowered their full year political adv. estimate (from $200M to $161M, gross). This, combined with weaker core advertising trends in 2H16, resulted in mgmt lowering the full year rev guidance by ~$100M, and adj. EBITDA by $55M (at midpoint). We maintain our Hold rating, and remain cautious on the group."
The firm cut FY 2016 EPS from $2.17 to $1.96 and FY 2017 EPS from $1.67 to $1.62.
Shares of Tribune Media closed at $31.71 yesterday.
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