Broadcast stocks oversold: Wells Fargo

Wells Fargo is out with a spirited defense of broadcast stocks after the group got beat up over concerns about advertising trends and the lack of M&A opportunities.

The most interesting point from Wells might be its view that concerns over Aereo are just a bunch of noise. The firm thinks even with a Supreme Court win Aereo will have to pay for local broadcast re-transmission.

Related stocks: NXST, LIN, GTN, SBGI, BLC, TRBAA.

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