- Gray Television (NYSE:GTN) is up 10.4%, another double digit gain following yesterday's 16% rise on the heels of a deal to buy Raycom Media for $3.6B.
- Wells Fargo's Marci Ryvicker notes a deal "as clean as they come," filled with positives including culture fit and a focus on high-quality news. It's the "most accretive deal we have seen in this space, she writes; she has a Street-high price target of $28 on Gray, still 70% upside from today's sharply higher price. (h/t Bloomberg)
- Barrington's James Goss says Raycom is arguably Gray's closest comparable, so the deal leverages operating advantages and doubles Gray's footprint. He has a $19 price target.