Wedbush Raises Price Target on Nexstar Broadcasting (NXST) to $66

November 9, 2016 7:20 AM EST
Get Alerts NXST Hot Sheet
Price: $61.25 --0%

Rating Summary:
    9 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 12 | New: 42
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Wedbush reiterated an Outperform rating on Nexstar Broadcasting Group (NASDAQ: NXST), and raised the price target to $66.00 (from $65.00), following the company's 3Q earnings report. NXST reaffirmed guidance for stand-alone avgerage FCF/share of $8.15 and for post-merger entity avgerage FCF/share of ~$12.00.

Analyst James Dix commented, "As NXST bucks the downtrend in political advertising, with likely near-term merger catalysts, shares look more attractive. We remain positive on Nexstar’s strong and consistent free cash flow generation, and see near-term upside for shares from clearing any overhang from MEG results, updated guide on merger synergies, and closing in 4Q the long-pending merger."

For an analyst ratings summary and ratings history on Nexstar Broadcasting Group click here. For more ratings news on Nexstar Broadcasting Group click here.

Shares of Nexstar Broadcasting Group closed at $49.50 yesterday.

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