TENGA, Inc. (TGNA) PT Raised to $19 at Guggenheim

Guggenheim analyst Curry Baker raised the price target on TENGA, Inc. (NYSE: TGNA) to $19.00 (from $17.00) while maintaining a Buy rating.

The analyst commented, "Earlier this morning, TEGNA announced its full-year 2021 guidance, preliminary 4Q20 results and that the company's $300mm share repurchase program was being renewed. Revenue and adj. EBITDA for 4Q are expected to be $932mm-$937mm (vs our $975mm estimate) and $424mm-$429mm (vs our $467mm), respectively. Management expects 2019/20 FCF as a percentage of revenue will be at or above the high end of the previous 20%-21% guidance (we are at 20.7%) and 2020/21 FCF as a percentage of revenue will be 20.5%-21.5% (we are at 21.2%). The full summary of 2021 guidance and 4Q results can be found below. We have adjusted our estimates and now forecast $240mm in share repurchases for 2021. PT up to $19 from $17 prior."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Solar Industries (SOIL:IN) PT Raised to INR23,500 at ICICI Securities
• Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating