Tegna price target raised to $16 from $15 at Wells Fargo

Wells Fargo raised the firm’s price target on Tegna to $16 from $15 and keeps an Equal Weight rating on the shares. Tegna has improved visibility on retransmission due to negligible growth in reverse, which underlies its 2-year free cash flow guidance and capital allocation strategy, but the firm’s estimates are moving lower on weaker ads, the analyst tells investors in a research note.