Jefferies Upgrades Nexstar Broadcasting Group (NXST) to Buy

Jefferies upgraded Nexstar Broadcasting Group (NASDAQ: NXST) from Hold to Buy with a price target of $57.00.

Analyst John Janedis commented, "We think the recent weakness in NXST provides a good entry point in the stock and we are upgrading to Buy. We believe solid 3Q results, M&A with or w/o the MEG deal, & the fact that NT regulatory issues appear overblown, will drive upside. The potential MEG deal provides further valuation support and we expect upside to the $75M in synergies. At a 4.1x FCF (with synergies upside), and a FCF multiple of 5.7x w/o a deal, we think NXST's risk/reward is compelling."

For an analyst ratings summary and ratings history on Nexstar Broadcasting Group click here. For more ratings news on Nexstar Broadcasting Group click here.

Shares of Nexstar Broadcasting Group closed at $43.51 yesterday.

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