Sinclair price target lowered to $17 from $19 at Wells Fargo

Wells Fargo lowered the firm’s price target on Sinclair (SBGI) to $17 from $19 and keeps an Equal Weight rating on the shares. The firm’s EBITDA and free cash flow come down, largely from 1-time refi costs and termination of management fees. Underlying, core is weaker and retrans is stable, Wells adds.