UPDATE: Benchmark Raises PT to $13 on EW Scripps Following Q3 Beat
Benchmark reiterated its Buy rating on EW Scripps (NYSE: SSP) and raised its price target from $11 to $13.
Benchmark noted, "Scripps trades at 4x 2013E EBITDA, at a discount to publishing peers. We believe a premium is warranted given the increased importance of broadcasting. Based on 5x our 2013E EBITDA, we arrive at a target price of $13 per share. With one of the strongest balance sheets in the sector, Scripps repurchased 700,000 of its shares in 3Q and authorized a share repurchase of up to $100 million."
EW Scripps closed at $10.46 on Monday.
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