Gray Television price target lowered to $11 from $19 at Benchmark

Benchmark lowered the firm’s price target on Gray Television to $11 from $19 and keeps a Buy rating on the shares. Gray posted “a solid end to 2024,” but then offered what the analyst describes as “one of the most baffling retrans guides in recent memory.” Despite 56% of subs up for renewal this year, management suggested that gross retrans growth could be down year-over-year, “effectively implying that subscriber losses were finally outweighing rate gains,” adding that it “did not help that commentary around both political and Gray’s real estate venture also sounded more conservative,” the analyst tells investors.