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Sinclair Broadcast Group (NASDAQ:SBGI) is 4.4% decrease after a double downgrade at Wells Fargo, which minimize estimates given the “severity” of revisions.
The financial institution minimize Sinclair to Underweight from Chubby, and slashed its worth goal to $16 from $30 (now implying)
Whereas the TV station proprietor’s inventory is cheap, “SBGI faces a number of pressures that we expect are higher than TV Broadcast friends,” Wells Fargo says. “We expect 2023 will probably be harder for the group, and SBGI is most in danger.”
The largest concern will probably be internet retransmission revenues; these ought to be damaging once more in 2023, Wells Fargo says, and it is already beneath administration’s three-year steering from a few months in the past. The financial institution’s subscriber churn estimate can be about 2% worse than administration steering.
In response it is chopping 2022-2023 EBITDA estimates by 4%, and giving an extra haircut of two% to free money circulate estimates, following a ten% minimize to these estimates on Monday.
Sinclair missed expectations on high and backside traces with its Q3 earnings Wednesday. Dig into In search of Alpha’s transcript of the earnings name for extra.
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