Gray Media price target raised to $9 from $7 at Benchmark

Benchmark analyst Daniel Kurnos raised the firm’s price target on Gray Media (GTN) to $9 from $7 and keeps a Buy rating on the shares. The firm, which says post-earnings that it believes Gray acquired a minimum of $80M in EBITDA across four separate transactions totaling $253M, call this “both massively accretive and deleveraging at the same time.” If the Nexstar (NXST) and Tegna (TGNA) transaction rumored about in the media goes forward, “there will be plenty of speculation regarding what the next domino to fall might be,” the analyst added in the firm’s Gray Media earnings recap note.