Guggenheim analyst Curry Baker said "all signs point to another record political cycle in 2020" after several advertising planning agencies issued their updated 2020 forecasts over the past week. Total spending on political advertising is forecast to top $10B, which would be up roughly 15% from the $8.7B spent during the 2018 midterm cycle, Baker noted. After analyzing station group market overlap within competitive presidential states, U.S. Senate races, and gubernatorial races, Baker said he believes Nexstar (NXST) and Gray Television (GTN) are best positioned for the upcoming presidential cycle, naming them in that order as his top two picks among local TV broadcasters heading into 2020. He has Buy ratings on both stocks, as well as on Sinclair Broadcast (SBGI) and Tegna (TGNA). Baker has Neutral ratings on Meredith (MDP) and E.W. Scripps (SSP).