Gray Media price target lowered to $7 from $8 at Benchmark

Benchmark lowered the firm’s price target on Gray Media (GTN) to $7 from $8 and keeps a Buy rating on the shares. The “good news” for Gray is that they have the greatest amount of local versus national exposure in the broadcast space, which should hold up moderately better in an uneven environment, but Gray will not be materially insulated relative to the rest of the group if we go into a full blown recession, the analyst tells investors in a preview ahead of earnings from the group.