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Gray Television notches fresh 52-week highs on Barrington bull coverage

Shares of Gray Television (GTN +6.2%) notch fresh 52-week highs after Barrington Research resumes coverage on the stock with an Outperform rating and $16 PT.

Analyst James Goss calls Gray "an outstanding operator that typically ranks first in its local market rankings, particularly in local news," which positions the company to benefit from higher political advertising spend and retransmission consent negotiations.

Goss observes that the equity market collapse rendered a number of players in the media sector unsuitable from an institutional investment perspective, but that "[t]hese 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."

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