UPDATE: Benchmark Raises PT on Sinclair Broadcasting After Recent Acquisitions of 30 TV Stations

Benchmark has published a report on Sinclair Benchmark Group

where it maintained a Buy rating and raised the price target from $18 to $22, due to its recent acquisition strategy. In the report, Benchmark stated, "Sinclair's size, scale, financial and management resources ought to enable it to gain market share with its newly acquired stations, driving revenues and cash flow through improved ratings, particularly in news and local programming. Sinclair also sees an opportunity for increased retransmission revenues and could benefit on a long-term basis from increased spectrum space as a large scale multi-channel television broadcaster. We suspect there could be a monetization event in the spectrum market within the next 2-3 years." Sinclair Benchmark Group closed Wednesday at $17.85.