Benchmark Co. Maintains Their Buy Rating on EW Scripps (SSP)

Benchmark Co. analyst Daniel Kurnos maintained a Buy rating on EW Scripps (SSPResearch Report) today and set a price target of $25. The company’s shares closed yesterday at $17.54.

Kurnos observed:

“We knew there would be some issues given that Cordillera closed a month later than expected, but even with underlying core expected to “build over the course of the year,” the retrans math looked a little squishy and the consolidated expense outlook was significantly higher than anticipated. On the retrans front, yes, there are expected to be some near-term dis-synergies with both transactions but it seems unfair to punish the Company for giving themselves a much better opportunity to move up the rate card stack for all future negotiations. Furthermore, the CW renewal coming in 2021 will also benefit meaningfully from scale.”

According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 12.4% and a 55.7% success rate. Kurnos covers the Services sector, focusing on stocks such as Nexstar Media Group Inc, Booking Holdings Inc, and Sinclair Broadcast.

Currently, the analyst consensus on EW Scripps is a Moderate Buy with an average price target of $25, a 42.5% upside from current levels. In a report issued on May 14, Noble Financial also maintained a Buy rating on the stock with a $25 price target.

See today’s analyst top recommended stocks >>

Based on EW Scripps’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $6.81 million. In comparison, last year the company had a GAAP net loss of $26.45 million.

Based on the recent corporate insider activity of 165 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SSP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

The E.W. Scripps Co. engages in the television and newspaper publishing. It operates through the following business segments: Local Media, National Media, and Others. The Local Media segment is comprised of its local broadcast television stations and their related digital operations.

Leave a Reply

Your email address will not be published. Required fields are marked *