UPDATE: Wells Fargo Resumes Gray Television (GTN) at Overweight, Top SMID-Cap Value Idea for 2022

January 3, 2022 7:01 AM EST
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Price: $20.62 +0.54%

Rating Summary:
    10 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 15 | New: 12
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(Updated - January 3, 2022 7:02 AM EST)

Wells Fargo resumes coverage on Gray Television (NYSE: GTN) with a Overweight rating and a price target of $26.00.

The analyst comments "GTN is now a large-scale Broadcast player, and we're bullish on its ability to generate strong FCF and delever relatively quickly, driven by core ads, the mid-term elections, and net retrans. At a 31% FCF yield we think the earnings power is being overlooked (note: NXST on 23%). Over the next 2 years we expect average annual FCF generation of $600mm+ will convert debt to equity. GTN is our favorite smid-cap Value name for 2022 as we resume coverage with an Overweight rating and $26/sh price target. We see scope for GTN to get to >$30 if deleveraging outperforms."

For an analyst ratings summary and ratings history on Gray Television click here. For more ratings news on Gray Television click here.

Shares of Gray Television closed at $20.16 yesterday.

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