UPDATE: Benchmark Company Reiterates Buy Rating, Raises PT on LIN Television Corporation on Reported 4Q12 Revenues

In a report published Friday, Benchmark Company reiterated its Buy rating on LIN Television Corporation

, and raised its price target from $8.00 to $14.00. Benchmark Company noted, “Lin TV (TVL-Buy, PT from $8 to $14) reported 4Q12 revenues of $196 million, up 76% y/y, slightly above our $192 million estimate, including $41 million from the acquisition of 13 stations from New Vision. Excluding the acquired stations, revenues rose to $155 million, up 40% y/y, mainly due to $46 million in political advertising. Local revenues, which include advertising, retransmission fees and website revenues, were up 45% to $101 million, with national revenues up 25% to $33 million. Interactive revenues rose 52% to $12.8 million. Operating income increased 139% to $71 million vs. $30 million a year earlier. Excluding a $1.66 charge for the exiting of Its joint venture with Comcast (CMCSA-Not Rated) and GE (GE-Not Rated), EPS was $0.57 vs. $0.78 a year earlier. EBITDA of $89.5 million was up 129%.” LIN Television Corporation closed on Thursday at $11.37.