Benchmark Co. analyst Daniel Kurnos maintained a Buy rating on E. W. Scripps Company Class A (SSP – Research Report) today and set a price target of $8.00.
Daniel Kurnos has given his Buy rating due to a combination of factors influencing E. W. Scripps Company Class A. One of the primary reasons is the company’s recent refinancing announcement, which was better than anticipated and sparked a significant rally in the stock price. Additionally, there is optimism around potential deregulation by the FCC, which could provide a favorable environment for local broadcasters like Scripps to explore strategic opportunities such as mergers or sales to unlock value.
Moreover, Scripps has demonstrated strong financial performance, with a notable revenue and EBITDA beat in the latest quarter, driven by a robust political revenue footprint and better-than-expected core and distribution revenue. Despite challenges in the ad market, the company’s cost-saving initiatives and strategic moves, such as renewing key programming contracts, position it well for future growth. The potential for FCC deregulation and the company’s proactive approach to managing expenses and debt further support the positive outlook.
In another report released yesterday, Noble Financial also maintained a Buy rating on the stock with a $10.00 price target.