Benchmark analyst Daniel Kurnos reiterated a Buy rating and $90 price target on Sinclair Broadcast (SBGI) Group after the company provided preliminary second quarter Media revenue of $721M, at the midpoint of prior guidance, but ahead of the consensus. In a research note to investors, Kurnos says retrans seems the likeliest driver of the upside, including Tennis distribution revenue, though he says it is "possible" Sinclair may be the one significant core outlier. Kurnos also says Sinclair completed the RSN-Charter (CHTR) negotiations, adding that Dish (DISH) remains the biggest "wildcard" for the RSNs, but he is optimistic Sinclair will prevail.