Benchmark analyst Daniel Kurnos lowered the firm’s price target on Nexstar to $215 from $225 and keeps a Buy rating on the shares. Nexstar is “still best in breed,” but it certainly has not paid to have incremental exposure to a national market that “just cannot seem to find its footing,” says the firm. Even after boosting its political forecast by about $20M to $600M, which the analyst says “may very well still prove conservative,” the net impact of the firm’s non-political advertising reductions sees its 2024 EBITDA estimate come in by $20M and its 2025 EBITDA forecast reduced by $55M, the analyst tells investors.
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