UPDATE: Barrington Reestablishes Coverage on Gray Television as Issues Have Been Overcome

In a report published Thursday, Barrington Research analyst James C. Goss reestablished coverage on

with an Outperform rating and $16.00 price target. In the report, Barrington Research noted, “We had covered Gray Television for a number of years leading up to the equity market collapse that rendered a number of equities in the media sector and other areas effectively lacking in suitable investment characteristics from an institutional investor standpoint. These issues have been overcome as GTN's market cap has recovered and financial strains have eased. Investors are now free to focus attention on the appealing fundamental characteristics Gray Television continues to possess and continues to enhance through complementary acquisitions and investments in technology. Our valuation efforts consider the two-year variability elements that are particularly pronounced for Gray due to the alternating surge and absence of political dollars that have always characterized its business model.” Gray Television closed on Wednesday at $12.03.