Benchmark Co. analyst Daniel Kurnos has maintained their bullish stance on NXST stock, giving a Buy rating today.
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Daniel Kurnos has given his Buy rating due to a combination of factors surrounding Nexstar Media Group’s strategic moves and potential for significant synergies. The recent groundbreaking deal where Nexstar acquired TEGNA with an all-cash bid of $22 per share is a pivotal factor. This merger, which covers 80% of US households, is expected to generate substantial synergies, potentially exceeding the conservative initial estimates of $300 million.
Furthermore, the deal’s approval by both boards and the potential for regulatory changes in ownership caps add to the positive outlook. Nexstar’s CEO, Perry Sook, has a strong track record in navigating regulatory landscapes, which bolsters confidence in the deal’s successful completion. Additionally, there are opportunities for further asset acquisitions and synergies beyond the current projections, which could drive Nexstar’s value significantly higher, potentially north of $300 per share.
In another report released today, Barrington also reiterated a Buy rating on the stock with a $225.00 price target.