UPDATE: Benchmark Raises PT to $15 on Sinclair Broadcasting Group

Benchmark reiterates its Buy rating on Sinclair Broadcasting Group SBGI and raises its price target to $15, up $2, on acquisition augmenting solid core growth of the company. Benchmark says, "We expect renewed growth in 2012, which could be a hotly contested election year driving potentially record political advertising. We estimate total revenue may grow by 25.5% y/y to $960 million, with Broadcast revenue up 27% to $825 million,including $57 million in political advertising, which may prove conservative given the influx of early political already being booked in 2011. We note that our estimates include the Four Points and Freedom acquisitions, the latter of which is set to close in late 2Q or early 3Q. Adjusted EBITDA is expected to be $321 million, up 19% y/y, with EPS of $1.25." SBGI closed at $12.15 a share yesterday.