Wells Fargo analyst Marci Ryvicker says Gray Television's stock fell after a "big" miss in the Q2 guide despite a "nice Q1" beat. The issue with the Q2 guide was mostly political, the analyst tells investors in a research note, adding that she believes expectations in general have been a lot higher for the company compared to others given its political footprint. Ryvicker also sees Gray Television's management as being "a bit overly" conservative. The analyst reiterates an Outperform rating on the stock and lowered her price target range on the shares to $16-$18 from $22-$23.