Benchmark raised the firm’s price target on Sinclair Broadcast to $30 from $29 and keeps a Buy rating on the shares after the company put out a release Thursday after the close announcing an almost $60M increase in political guidance for 2024 in what the firm suspects “will be the first of many upward revisions to political forecasts this earnings season.” The new expected total to a range of $442M-$469M for the year suggests over $75M of growth vs. 2020 on an as-reported basis, or a 20% improvement, the analyst tells investors.
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