UPDATE: J.P. Morgan Raises PT on Sinclair Broadcast Group on Barrington Acquisition Announcement

In a report published Monday, J.P. Morgan reiterated its Neutral rating on Sinclair Broadcast Group

, and raised its price target from $16.00 to $17.50. J.P. Morgan noted, “Sinclair's shares have had solid performance, primarily due to acquisition announcements (Newport in July and Barrington and COX Media this past week). Given the significant move in the stock (up 26% YTD,13 versus the S&P500's +6%) we believe much of the potential benefits and synergies are already baked-in. While we continue to view Sinclair as a top-notched TV operator, with shrewd retrans negotiations abilities, all the moving parts, makes it difficult to access the health of the underlying Local advertising business. Therefore, we maintain our Neutral rating, and expect modest upside to share price from current levels.” Sinclair Broadcast Group closed on Friday at $15.86.