J.P. Morgan Upgrades Sinclair Broadcasting Group to Overweight (SBGI)

J.P. Morgan is out with its update on Sinclair Broadcasting Group (NASDAQ: SBGI), upgrading SBGI from Neutral to Overweight.

In a note to clients, J.P. Morgan writes, "We're upgrading SBGI shares to Overweight (from Neutral). Over the past year, our longer-term structural concern on local TV broadcasters' business models has generally kept us on the sidelines despite obvious improvement in fundamentals. But it's hard for us to keep ignoring the persistent ad recovery, ramping FCF generation (and deployment), and signs of life in the M&A market (which could potentially help a multiple re-rating of sorts)."

J.P. Morgan raises its PT on SBGI from $9.50 to $14.

At the time of posting, shares of SBGI were trading at $11.44, up 4.09% from Wednesday's close.