Tegna price target lowered to $22 from $24 at Guggenheim

Guggenheim analyst Curry Baker lowered the firm’s price target on Tegna to $22 from $24 and keeps a Buy rating on the shares after updating the firm’s model to reflect the company’s Q4 earnings results. After the FCC’s Media Bureau issued a hearing designation order and asked the FCC’s administrative law judge for a review, the firm said the acquisition appears to be at risk based on what is known at this time, so it is changing its valuation methodology back to a fundamentals-based approach. However, the firm also notes that Tegna said in its release it is "currently evaluating its options" and Standard General issued a statement vowing to continue onwards with the acquisition.