Gray Media price target raised to $5.50 from $5 at Wells Fargo

Wells Fargo analyst Steven Cahall raised the firm’s price target on Gray Media (GTN) to $5.50 from $5 and keeps an Equal Weight rating on the shares. The firm notes net retrans has been an overhang to Gray Media, but Wells sees it stabilizing in 2026-plus. Overall, op trends are steady. The firm sees investors focusing primarily on larger-scale M&A opportunities as they’re the strongest path to deleveraging and equity value creation.