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Gray Television up another 10% as analysts praise Raycom deal

Jun. 26, 2018 11:06 AM ETGray Television, Inc. (GTN) StockGTNBy: Jason Aycock, SA News Editor
  • 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.

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