Wedbush Raises Price Target on Nexstar Broadcasting (NXST) to $66
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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."
Shares of Nexstar Broadcasting Group closed at $49.50 yesterday.
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