Nexstar Broadcasting Group (NXST) PT Raised to $180 at Guggenheim, Reiterated Top Pick

Guggenheim analyst Curry Baker raised the price target on Nexstar Broadcasting Group (NASDAQ: NXST) to $180.00 (from $175.00) after making a few modest changes to the model to account for: ongoing advertising improvement, the CA recall election, a higher Food distribution, and higher cash taxes. The changes result in 2021 and 2022 EBITDA forecasts rising to $1,856mm (vs $1,835mm prior) and $2,253mm (vs $2,238mm prior).

The analyst reiterated a Buy rating, stating "we expect the company's significant FCF generation will continue to support an aggressive return of capital program (our 2021 outlook assumes ~$120mm paid in dividend and ~$500mm in buybacks). Nexstar remains our top pick among local TV broadcasters".

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