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Why Gray Television (GTN) Stock is Up 6% Today

January 3, 2022 11:47 AM EST
Get Alerts GTN Hot Sheet
Price: $15.01 +4.82%

Rating Summary:
    10 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 13 | New: 11
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Shares of Gray Television (NYSE: GTN) are trading nearly 6% higher today after Wells Fargo named it the top small-and-mid-cap value stock for 2022.

Analyst Steven Cahall resumed coverage on GTN stock with an Overweight rating.

The analyst sees Gray Television as a large-scale broadcast player after Quincy Media and Meredith station acquisitions.

"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,” analyst Steven Cahall wrote in a client note.

The analyst has a $26.00 per share price target on Gray Television stock.



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