Sinclair Broadcasting (SBGI) PT Raised to $30 at Guggenheim

Guggenheim analyst Curry Baker raised the price target on Sinclair Broadcasting (NASDAQ: SBGI) to $30.00 (from $26.00) while maintaining a Buy rating.

The analyst commented, "Sinclair announced a long-term (10 years) strategic partnership with Bally's Corporation (BALY) that leverages Bally's proprietary sports betting technology and market gambling access. The partnership seeks to create sports gamification content on a national scale with Bally using SBGI's media/sports platforms to capture share of the U.S. Sports betting and iGaming market. We believe that Sinclair decided to partner with Bally due to the significant equity optionality. In addition to the equity part of the deal, SBGI will receive an annual naming rights fee for the RSNs and a committed percentage of Bally's marketing spend. Raised PT to $30 from $26."

You May Also Be Interested In

• QuantumScape (QS) PT Lowered to $6 at Truist Securities
• EasyJet Plc. (EZJ:LN) (ESYJY) PT Raised to GBP7.40 at Barclays
• L'Oreal SA (OR:FP) (LRLCY) PT Raised to EUR480 at Barclays