Gray Television price target lowered to $11 from $13 at Benchmark

Benchmark lowered the firm’s price target on Gray Television to $11 from $13 and keeps a Buy rating on the shares after “another disappointing retransmission revenue guide and an overall revenue guidance cut that presumably attempts to factor in incremental political displacement.” A 5% dip in 2024 projected EBITDA at one point resulted in an over 20% selloff in the equity, but the debt, which was recently refinanced, continues to trade a lot closer to par, which “suggests that the bondholders see the cash flow story a lot differently than the equity folks do,” says the analyst, who has “a feeling that a lot of the disconnect will be addressed in the next 2 quarters.”