James Goss, an analyst from Barrington, reiterated the Buy rating on Gray Television (GTN – Research Report). The associated price target is $12.00.
James Goss has given his Buy rating due to a combination of factors, primarily related to Gray Television’s robust position in the market and its financial performance. Gray Television’s reach extends to about 36% of U.S. TV households, just shy of the 39% ownership cap limit. With a significant number, 102 out of 113, of their stations being either #1 or #2 in their markets, they are a favored choice for advertisers, including local businesses and politicians. Furthermore, Gray Television’s management expressed confidence in its station group’s strength, as the total audience it garners surpasses many other programming alternatives when aggregated across its reach.
Additionally, the company’s third quarter revenues of $803 million were slightly above the estimated $799 million, indicating a strong financial performance. This revenue outperformance was driven by stronger political guidance, supported by stable retrans dollars and ad revenues. Profitability also exceeded estimates with EBITDA of $205 million. Looking forward, the fourth quarter guidance for revenues ranges from $854 to $864 million, implying a slight year-over-year growth in core advertising revenue. Lastly, James Goss reaffirmed an Outperform investment rating, maintaining a 2023-based price target of $12, which implies a 69% upside to the current price.
In another report released on November 9, Benchmark Co. also assigned a Buy rating to the stock with a $19.00 price target.
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Gray Television (GTN) Company Description:
Gray Television, Inc. is a television broadcasting company, which engages in owning and operating television stations and digital assets in markets throughout the United States. It operates through the following segments: Broadcasting, and Production Companies. The Broadcasting segment operates television stations located across local markets in the United States. The Production Companies segment includes the production of television and event content. The company was founded in January 1897 and is headquartered in Atlanta, GA.
Read More on GTN:
- Gray Television’s Assembly Studios Celebrates Grand Opening of Innovative Sound Stages in Georgia
- Gray Reports Strong Revenues and Lower Expenses for the Third Quarter
- GRAY ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.08 PER SHARE
- Gray Television sees Q4 revenue $854M-$864M, consensus $883.46M
- Gray Television reports Q3 EPS (57c), consensus (35c)
