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Sinclair Broadcast -1.9% as Stephens cuts target

Nov. 19, 2019 10:24 AM ETDISH, SBGIBy: Jason Aycock, SA News Editor2 Comments
  • Sinclair Broadcast Group (NASDAQ:SBGI) is down 1.9% after Stephens heavily cut its price target, pointing to concerns around the company's deal for the Fox regional sports networks.
  • The firm cut its target to $55 from $80, cutting implied upside to 46%, noting Sinclair's getting little or no credit for the acquisition (sentiment that played out through Sinclair's recent earnings report).
  • Those networks went dark on Dish Network (NASDAQ:DISH) and Sling TV in July after what Dish called demands for unreasonable rates. And resolution of that standoff looks less likely with each passing week, analyst Kyle Evans says.
  • He's staying bullish with an Overweight rating; other sell-siders are Bullish as well, while it has a Quant Rating of Bearish.

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