Guggenheim downgraded Tegna (TGNA) to Neutral from Buy and removed the firm’s previous $19 price target on shares after Nexstar (NXST) agreed to acquire Tegna for $22 per share in cash. The firm views this deal as “an excellent outcome for both companies, given the favorable regulatory backdrop,” the analyst tells investors.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TGNA:
- Nexstar price target raised to $250 from $220 at Guggenheim
- M&A News: Nexstar (NXST) to Create Local TV Powerhouse with $6.2B Tegna Deal
- M&A News: Local TV Rivals Sinclair and Tegna Consider Historic Merger
- Nexstar price target raised to $250 from $225 at Benchmark
- Nexstar-Tegna could reach 80% of TV households, says Barrington