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Fly News Breaks for May 7, 2018
SBGI, TRCO
May 7, 2018 | 07:35 EDT
Deutsche Bank analyst Clay Griffin upgraded Tribune Media (TRCO) to Buy from Hold with an unchanged price target of $44. The analyst sees an attractive event driven risk/reward on the shares. He believes the Sinclair Broadcast (SBGI) merger has a "very high probability" of closing in late Q2, with the shares offering 14% upside based on the implied deal spread. Should the deal break, Griffin sees Tribune Media shares trading down to $28-$31.
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