E.W. Scripps price target lowered to $14 from $17 at Benchmark

Benchmark lowered the firm’s price target on E.W. Scripps to $14 from $17 and keeps a Buy rating on the shares. While there is never a good time to reset political expectations while telling the market that you are going to suspend the preferred dividend, doing it amid the media carnage on Friday “certainly did not help” for Scripps, which “will continue to be labeled with a broad brush” despite the fact that Q4 results were “substantially ahead of the street,” or that Q1 guidance “showed more than just green shoots in the Networks segment,” the analyst tells investors.