UPDATE: Stephens Downgrades TENGA, Inc. (TGNA) to Equal Weight

(Updated to add analyst comment)

Stephens analyst Kyle Evans downgraded TENGA, Inc. (NYSE: TGNA) from Overweight to Equal Weight with a price target of $17.00 (from $19.00).

Analyst comments that after acquiring stations in Indianapolis and Columbus for $535M in cash, the current valuation and the growing scale makes TGNA a less likely target for Apollo (APO).

As a reminder, TGNA announced today before the market opened that it has acquire Dispatch Broadcast Group’s leading, top ranked stations in Indianapolis, IN and Columbus, OH: "

TEGNA Inc. (NYSE: TGNA) announced today it has entered into a definitive agreement with the Dispatch Broadcast Group to acquire, for $535 million in cash, leading television stations WTHR, the NBC affiliate and the #1 rated station in Indianapolis, IN, and WBNS, the CBS affiliate and the #1 rated station in Columbus, OH. TEGNA is also acquiring WBNS Radio (1460 AM and 97.1 FM), the leader in sports radio in Central Ohio among adults 25-54.

Both television stations are the dominant #1 station in their respective markets. WTHR serves Indianapolis, which is Indiana’s state capital and most populous city and the 28th largest television market in the United States. The city is home to major league teams and sports events like the Indianapolis 500, which air on NBC."

For an analyst ratings summary and ratings history on TENGA, Inc. click here. For more ratings news on TENGA, Inc. click here.

Shares of TENGA, Inc. closed at $15.30 yesterday.

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