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TGNA

Tegna

$17.02

0.22 (1.31%)

08:07
01/15/20
01/15
08:07
01/15/20
08:07

Tegna shareholder Standard General to nominate four directors at next meeting

Tegna shareholders Standard General, owner of approximately 9.7% of the company's outstanding shares, will nominate a slate of four independent candidates for election to the Board of Directors at the company's 2020 Annual Meeting of Shareholders. Standard General has issued the following open letter to Tegna shareholders. The letter states, among other things: "(...) We are the company's largest shareholder, excluding index funds, and we own approximately 20 times as many shares as the current Board and management combined. (...) Tegna is the most important local affiliate television broadcasting company not currently at the regulatory ownership cap. (...) Given the quality of its assets, Tegna should be delivering best-in-class performance, and commensurate shareholder returns. Tegna shares, however, have consistently underperformed its closest local broadcasting peers. (...) In contrast, since we disclosed our ownership stake and the press reported that Apollo Global Management was interested in buying TEGNA, the stock price has increased by approximately 25%. In our view, this disparity in stock price performance underscores that investors want and expect significant changes at Tegna. (...) we strongly believe that TEGNA shareholders would benefit from having a representative of Standard General on the Tegna board. (....) members of management and the TEGNA board refused our reasonable request for board representation. (...) As a result, we are compelled to take the step of nominating our own candidates for election to the Tegna board. (...) Our nominees have significant operating experience in the television broadcasting industry and backgrounds spanning strategic planning, finance, M&A, and technology. (...)"

TGNA Tegna
$17.02

0.22 (1.31%)

09/24/19
WELS
09/24/19
INITIATION
Target $17
WELS
Market Perform
Tegna initiated with a Market Perform at Wells Fargo
Wells Fargo analyst Steven Cahall last night started Tegna with a Market Perform rating and $17 price target. While the company's acquisitions have been accretive, its estimates are "messier than peers," says the analyst.
10/28/19
JPMS
10/28/19
INITIATION
Target $18
JPMS
Neutral
Tegna reinstated with a Neutral at JPMorgan
JPMorgan analyst Alexia Quadrani reinstated coverage of Tegna with a Neutral rating and $18 price target following a period of restriction. The analyst sees a favorable risk/reward over the near term but has secular concerns on sector fundamentals, including the sustainability of higher retrans pricing, cord cutting, and the health of the local ad market in a possible recession. She recommends waiting for a better entry point to be more constructive on the shares.
12/11/19
GUGG
12/11/19
NO CHANGE
GUGG
Buy
Guggenheim says Nexstar, Gray best positioned for 'record' political cycle
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).
01/10/20
BNCH
01/10/20
NO CHANGE
Target $21
BNCH
Buy
Tegna price target raised to $21 from $18 at Benchmark
Benchmark analyst Daniel Kurnos noted that Tegna pre-released a "tight window" for Q4 results while offering an initial look at its 2020 outlook as part of its recent bond offering. Q4 EBITDA guidance looks to be about $18M ahead of consensus, though he estimates "a more modest" $5M upside in the company's 2020 guidance, Kurnos tells investors, adding that both political and gross retrans rates appear to be coming in well ahead of expectations. He raised his price target on Tegna shares to $21 from $18 and keeps a Buy rating on the shares.

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