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Fly News Breaks for July 17, 2018
TRCO, SBGI
Jul 17, 2018 | 08:57 EDT
B. Riley FBR analyst Barton Crockett lowered his price target for Sinclair Broadcast Group (SBGI) to $36 from $49 and removed the stock from his firm's Alpha Generator List. The analyst is surprised by yesterday's letter from Federal Communications Chairman Pai and now assumes Sinclair's acquisition of Tribune Media (TRCO) does not go through. Despite the lowered price target Crockett keeps a Buy rating on Sinclair. He likes the company's "ample" free cash flow and potential for stepped up share buybacks using funds from the failed merger bid.
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