Sinclair Broadcast price target lowered to $15 from $16 at Wells Fargo

Wells Fargo analyst Steven Cahall lowered the firm’s price target on Sinclair Broadcast to $15 from $16 and keeps an Underweight rating on the shares. The analyst states that the company may not meet its low-single-digit growth view in retrans CAGR while also noting that EBITDA looks "more challenged" in FY23, causing leverage to increase. The firm adds that cord cutting is worsening and national networks may be getting "more aggressive".