Tegna price target lowered to $21 from $22 at Guggenheim

Guggenheim lowered the firm’s price target on Tegna (TGNA) to $21 from $22 and keeps a Buy rating on the shares. The FCC appears poised to address the 39% national ownership cap, and based on Chairman Brendan Carr’s public comments, Guggenheim expects the FCC will move quickly towards broadcast deregulation, teeing-up further potential consolidation. Tegna is well-positioned to take advantage of deregulation with a focus on free cash flow accretive M&A, the analyst tells investors in a research note.