Wells says retrans debates ‘de-escalating’ for Nexstar, but stays on sidelines

Wells Fargo notes that Nexstar has guided to high-single to low-double digit percentage gross retransmission growth for 2023 and thinks the retrans debates are "well understood at this point," though "perhaps not settled." While the retrans debates are "de-escalating," guidance is "not yet risk-free," said the firm, which prefers to remain on the sidelines with a $175 price target and Equal Weight rating on Nexstar shares.