UPDATE: Wells Fargo Downgrades The E.W. Scripps Company (SSP) to Market Perform
Wells Fargo downgraded The E.W. Scripps Company (NYSE: SSP) from Outperform to Market Perform with a price target of $19-$21 (from $22-$26). The change follows Q4 results.
Analyst Marci Ryvicker said, "We really like this management team and balance sheet (esp. in a rocky market/ macro environment)– but at the moment, we just materially lowered numbers; and we don’t see any company-specific catalysts on the horizon (yes, there is the auction and elections – but that isn’t SSP-specific). When it comes to valuation, SSP currently trades at 9-10x blended EBITDA (depending on whether or not you include the pension liability) which is well above the sector average of 7.8x."
For an analyst ratings summary and ratings history on The E.W. Scripps Company click here. For more ratings news on The E.W. Scripps Company click here.
Shares of The E.W. Scripps Company closed at $17.83 yesterday.