Nexstar price target raised to $290 from $225 at Barrington

Barrington analyst Patrick Sholl raised the firm’s price target on Nexstar (NXST) to $290 from $225 and keeps an Outperform rating on the shares. The firm says the acquisition of Tegna will “add substantially” to Nexstar’s scale. The combined company should reach 80% of TV households, with many markets operating two “Big Four” network affiliates, the analyst tells investors in a research note. Barrington sees repricing and mid-term elections supports growth in Nexstar’s distribution revenue.