Sinclair Broadcast Downgraded To Underweight From Neutral At JPMorgan
JPMorgan analyst David Karnovsky downgraded Sinclair Broadcast (SBGI) to Underweight from Neutral with a price target of $16, down from $25.
The analyst reduced estimates to reflect a more challenged outlook for the company's advertising and distribution revenue. He expects the off-political 2023 to be a difficult year for the group, with a potential recession impact to local ads and elevated cord cutting driving slower gross and net returns growth versus recent trend. Secular concerns over the linear ecosystem combined with Sinclair's high leverage "leave further room for downside" to the stock's valuation, Karnovsky tells investors in a research note.
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