JPMorgan analyst David Karnovsky resumed coverage of Tegna with a Neutral rating and price target of $17, down from $22. Like other broadcasters and legacy media firms, Tegna faces a challenging linear ecosystem, with cyclical and structural pressure to advertising, along with slowing distribution revenue as cord-cutting persists, the analyst tells investors in a research note. The company faces key revenue trends are challenged, though political remains a bright spot, says the firm.
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Read More on TGNA:
- Tegna CEO Lougee sells 100,000 common shares
- Tegna names Lauren Fisher chief legal officer, effective November 27
- Tegna enters into $325M accelerated share repurchase pact
- Tegna price target lowered to $17 from $19 at Wells Fargo
- Tegna sees Q4 revenue down mid-to-high teens percent, consensus $770.78M