Guggenheim lowered the firm’s price target on Gray Television to $10 from $12 and keeps a Buy rating on the shares. Gray lowered its 2024 core advertising outlook to $1.525B from $1.6B due to softer underlying trends, and the outlook for retransmission revenue to $1.47B down from $1.5B due to pay-TV subscriber erosion, the analyst tells investors in a research note. Political remains a bright spot heading into the final months of the 2024 election cycle, the firm says.
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