UPDATE: Benchmark Upgrades E.W. Scripps; Raises PT

According to a research report published this morning, Benchmark has upgraded The E.W. Scripps Company

from Hold to Buy, and raised PT from $10.50 to $11. Benchmark said in the report, "We are upgrading E.W.Scripps (SSP) from Hold to Buy and raising our target price from $10.50 to $11 as the addition of four TV stations recently acquired from McGraw-Hill (MHP-Hold) raised broadcasting to 53% of revenues and 83% of EBITDA vs. 41% and 67% respectively previously. More importantly, the acquisition expands Scripps exposure from 7 to 10 of the top 31 markets and provides potential for significant improvement in growth through increased market share of ad revenues and improved margins, as evidenced in Scripps' recent strong 1Q12 results." E.W. Scripps closed yesterday at $9.06.