UPDATE: Benchmark Company Reiterates Buy Rating, Raises PT on LIN TV Corp.
In a report published Friday, Benchmark Company reiterated its Buy rating on LIN TV Corp. (NYSE: TVL), and raised its price target from $5.00 to $8.00.
Benchmark Company noted, “For LIN TV (TVL-Buy, PT from $5 to $8), we believe ad revenues remain strong in 4Q led by political advertising, which could reach $67-68 million on a same station basis including the New Vision stations, following closing of the New Vision acquisition on October 12. This would be up 60% vs. 2010 and close to 70% vs. 2008. National advertising is pacing up strongly low-double digits with local up single-digits. For December, core and total are pacing up about 10%. Automotive advertising is pacing up 19% for December, with financial, restaurants, services, medical and media also up. Interactive remains strong and retransmission revenues are expected to escalate with new contracts.”
LIN TV Corp. closed on Thursday at $6.38.
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