Wells Fargo raised the firm’s price target on Gray Media (GTN) to $6 from $5.50 and keeps an Equal Weight rating on the shares. The firm notes the company has worked hard to stabilize net retrans, which has returned to growth. Leverage is elevated and it will take time/effort to return to levels that reduce risk. Wells views strategic M&A as the best path for levered B’casters to generate equity value.
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