E.W. Scripps price target lowered to $7 from $11 at Benchmark

Benchmark lowered the firm’s price target on E.W. Scripps (SSP) to $7 from $11 and keeps a Buy rating on the shares. Q3 results, which were moved up from Friday to Monday, “not only did not contain a Bounce sale, but also included an announcement pushing that sale into 2025,” so “instead of a 10% higher move on a strong print after a run-up, shares plummeted by 35%,” the analyst tells investors. With Scripps “now testing the refi market as the primary litmus test of investor faith going forward,” the firm thinks a more concrete cash flow outlook and growth plan will be needed, the analyst added.