Nexstar price target lowered to $250 from $300 at Benchmark

Benchmark lowered the firm’s price target on Nexstar (NXST) to $250 from $300 and keeps a Buy rating on the shares. The firm says its new $250 per share price target “does not assume a worst-case outcome for Nexstar” as the firm imagines a settlement will be “less harsh” after Colorado Attorney General Phil Weiser announced that the judge in the state’s case challenging the Nexstar-Tegna (TGNA) merger issued a temporary restraining order, blocking the companies from merging. However, even in a divest every overlap market scenario, the firm still sees Nexstar achieving nearly $45 per share in blended free cash flow, the analyst tells investors.