Fly News Breaks for February 27, 2020
Feb 27, 2020 | 08:51 EDT
B. Riley FBR analyst Zack Silver lowered the firm's price target on Sinclair Broadcast to $35 from $48 and keeps a Buy rating on the shares. The analyst attributes yesterday's post-earnings selloff to the company's "jarringly low" guidance for Q1 regional sports networks adjusted EBITDA, no update regarding Comcast or DISH carriage negotiations; and ambiguity around the trajectory of net retrans growth. Given that the stock currently trades at least 30% below the value of its broadcast station portfolio, and that its TV stations are performing in line, or better, versus peers, the stock is oversold, says Silver.
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