Hemisphere Media Group (HMTV) PT Lowered to $15 at Guggenheim

Guggenheim analyst Curry Baker lowered the price target on Hemisphere Media Group (NASDAQ: HMTV) to $15.00 (from $16.00) while maintaining a Buy rating.

The analyst commented, "Hemisphere reported 4Q19 results with revenue of $39.3mm (vs. our $41.2mm estimate) and adj EBITDA of $18.4mm (vs. our $19.2mm) with the variance relative to our estimates due largely to a softer advertising environment in Puerto Rico. Management issued its 2020 adjusted EBITDA outlook of up low-to-mid single digits. We now forecast 2020 adj EBTIDA of $68.8mm (up 3.5% y/y), compared to $75.8mm prior. Our reduced 2020 outlook is largely due to lower forecasts for both political and advertising in Puerto Rico. Price target down to $15 from $16 prior."

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