E.W. Scripps price target lowered to $6 from $7 at Wells Fargo

Wells Fargo analyst Steven Cahall lowered the firm’s price target on E.W. Scripps to $6 from $7 and keeps an Equal Weight rating on the shares. The firm cut its price target along with a sizeable cut to 2024 free cash flow on political. However, Network ads are improving and offer the potential for better long-term growth. E.W. Scripps’ high leverage implies higher-than-average risk/reward, Wells adds.