Tegna price target lowered to $18 from $20 at Wells Fargo

Wells Fargo analyst Steven Cahall lowered the firm’s price target on Tegna to $18 from $20 and keeps an Equal Weight rating on the shares. The firm gives a Standard General merger "very little chance at this point," and contends the market "has taken a similar view" given that the stock is trading at $16 per share versus the deal price of over $24 per share. The firm, which notes that Standard General has said it remains committed to legal channels, thinks financing expires on May 22 so it calls that "the catalyst horizon for an official termination of the merger agreement" and Well has updated its estimates to reflect Tegna as a stand-alone broadcaster.