Tegna price target lowered to $21 from $22 at Benchmark

Benchmark lowered the firm’s price target on Tegna to $21 from $22 and keeps a Buy rating on the shares. The day after the firm “correctly predicted one guidance practice change,” Tegna “caught us by surprise” and instituted a new two-year free cash outlook, along with a brand new capital allocation framework in what the analyst calls “a bit of a stunning role reversal within the industry.” The divergence in story lines within the group is becoming more evident, but once the dust settles post-expectation reset, the Tegna “narrative is one that investors have generally preferred,” the analyst added.