UPDATE: Benchmark Raises PT on Nexstar on 35% Stronger Revenue

In a report published Friday, Benchmark reiterated its Buy rating on Nexstar NXST and raised its price target from $16 to $21. Benchmark reported that, “Advertising revenues were in line with our estimates as Local revenues rose 7% y/y to $52.6 million while National revenues were up 14% to $20.5 million and political advertising was $27 million vs. $2 million in 4Q11. Income from operations was $35 million vs. $17.6 million in 4Q11, up 94%. Broadcast cash flow was $56 million vs. $34.9 million, up 60%, with Adjusted EBITDA of $48 million up 63% - all slightly lower than expected on higher costs mainly related to the timing of acquisitions, including $2.6 million in non-recurring expenses. We estimate EPS for the quarter excluding special items was $0.43 fully diluted vs. $0.11 a year ago. Reported results benefited from a non-cash release of $151.4 million of deferred tax assets.” Shares of Nexstar closed at $16.91 on Thursday.