Wells Fargo upgrades Nexstar to Overweight, raises price target to $221

As previously reported, Wells Fargo upgraded Nexstar to Overweight from Equal Weight with a price target of $221, up from $190. The firm views net retrans as stable, ads and The CW are improving and there’s a lot of accretion in per-share metrics driven by free cash flow, which Wells sees as the main catalyst. Overall, Nexstar’s financial performance gives the firm increased confidence in equity returns.