Gray Media price target lowered to $8 from $11 at Benchmark

Benchmark lowered the firm’s price target on Gray Media (GTN) to $8 from $11 and keeps a Buy rating on the shares after “a tough Friday” that saw shares plummet more than 25%, and trade down over 30% at one point in the day, after the company posted a “solid” Q3 result, but offered Q4 core and political guidance that came in “well below expectations.” While the firm does not think Gray’s political performance was a result of “some massive share shift away from broadcast,” it says that “unfortunately for Gray” the end result is a significant reduction in EBITDA and free cash flow at a time when delevering remains the highest priority.