UPDATE: Credit Suisse Reinstates Coverage on Nexstar Broadcasting Group with Outperform Rating, $52 PT on Multiple Positive Factors

In a report published Thursday, Credit Suisse analyst Michael Senno reinstated coverage on

with an Outperform rating and $52.00 price target. In the report, Credit Suisse noted, “We are reinstating coverage of NXST with an Outperform rating and $52 target price. While we see potential for further M&A, we believe key retrans renewals in the next several months could serve as a catalyst. We est over 30% of NXST's Big 4 subs are up for renewal in late 2013/early 2014. Since NXSTs last major renewals in 2012 it has increased negotiating leverage given 1) increased scale, 2) more multiple station markets and 3) retrans market rates have reset higher. We est. retrans rev of $176m in 2014 w/upside potential. In addition, NXST's deal w/Fox expires in Dec. 2013. Our base case implies reverse retrans fees step up to 38% of Big 4 retrans rev in 2014, rising to 50% by 2017. We will continue to monitor this deal for any changes to our long term reverse retrans expectations.” Nexstar Broadcasting Group closed on Wednesday at $46.05.