Rosenblatt lowered the firm’s price target on Sinclair Broadcast (SBGI) to $13.50 from $18.60 and keeps a Neutral rating on the shares after updating the firm’s model to incorporate the new corporate structure that emerged with the latest earnings and 10Q. While the pay TV sector was “thrown into a maelstrom of worry” due to Disney (DIS) and Charter’s (CHTR) high profile carriage impasse Friday that pushed Sinclair shares down 10%, the firm sees “the likely upshot from this episode as increased rollout of skinny bundles” and since TV stations anchor those, station groups would likely be relative out-performers in pay TV sub trends, the analyst tells investors.
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