Wells Fargo upgrades Sinclair on better regulatory environment
The Fly

Wells Fargo upgrades Sinclair on better regulatory environment

Wells Fargo upgraded Sinclair (SBGI) to Equal Weight from Underweight with a price target of $19, up from $13. The firm expects a Republican Federal Communications Commission to enact deregulation, including but not limited to broadcast mergers. It increased Sinclair’s target multiple on Local for this optionality while saying its Ventures unit is worth $16 per share.

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