In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating and $14.00 price target on Sinclair Broadcast Group SBGI.
J.P. Morgan noted, “We have updated our model to reflect adjustments for Sinclair's closing on December 1 of the previously announced acquisition of 6 Newport Television stations, 1 Nexstar station, and new announcement of the purchase of the non-license assets of an additional Newport station in Rochester, NY. We had been assuming an early-Q1,13 close of the previously announced acquisitions. This, along with a slightly better outlook for core advertising after recent commentary from media buyers as well as from senior executives in the industry, brings our EPS in Q4,12 from $0.59 to $0.60, and in 2013 from $1.25 to $1.27.”
Sinclair Broadcast Group closed on Friday at $10.60.
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