Gray Media upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo analyst Steven Cahall upgraded Gray Media (GTN) to Equal Weight from Underweight with an unchanged price target of $4. The firm says that after a tough few years, Gray Media “is stabilized.” The company’s reverse comp could grow nicely by 2026, and it is a potential beneficiary of a “more friendly” Federal Communications Commission, the analyst tells investors in a research note. Wells finds it likely that skinnier TV bundles and decelerating reverse will improve retrans dynamics. Gray’s debt reduction means on an industry-average multiple the stock no longer offers downside risk, the firm concludes.