Tegna price target lowered to $20 from $22 at Guggenheim

Guggenheim analyst Curry Baker lowered the firm’s price target on Tegna (TGNA) to $20 from $22 and keeps a Buy rating on the shares. The firm has updated its model to reflect ongoing core advertising headwinds, which it believes incrementally worsened in March and continued into April. Given the company’s robust balance sheet, the firm views Tegna as “well positioned to take advantage of deregulation opportunities if they arise,” the analyst added.