Tegna upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo upgraded Tegna (TGNA) to Overweight from Equal Weight with a price target of $23, up from $21. The firm expects broadcast consolidation from 2025 due to a de-regulating Federal Communications Commission. Tegna “will be the first move” and while broadcast fundamentals are tough, merger rationale “is as high as ever,” the analyst tells investors in a research note. Wells points out that in February 2022, Tegna announced a deal to be acquired by Standard General for $24 per share.