UPDATE: Benchmark Raises PT on Nexstar Broadcasting Group on Improving Trends
In a report published Wednesday, Benchmark Company analyst Edward J. Atorino reiterated a Buy rating on Nexstar Broadcasting Group (NASDAQ: NXST), and raised the price target from $21.00 to $39.00.
In the report, Benchmark Company noted, “After a slow start, Nexstar's (NXST-Buy, PT from $21 to $39) television core advertising strengthened in 1Q13, improving each month in the quarter, in line with the industry trend. We believe the uptrend has continued into 2Q. Retransmission revenues are up sharply as new contracts with cable operators roll over and eMedia is also up. Among ad categories, more are up than down for both local and national, and in recent weeks, pacings have strengthened among national and local categories. Furthermore, we expect Nexstar will continue to be a buyer in the ongoing industry consolidation, positioning them well for what we think could be another record political year in 2014 and beyond.”
Nexstar Broadcasting Group closed on Tuesday at $34.00.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.