|Over a week ago|
Sinclair Broadcast resumed with a Hold at Deutsche Bank » 06:4712/2212/22/20
Deutsche Bank analyst…
Deutsche Bank analyst Bryan Kraft resumed coverage of Sinclair Broadcast Group with a Hold rating and $30 price target. Advertising trends in the broadcast segment are improving cyclically and Q4 benefited from record political spending, but the shares are trading at close to fair value, Kraft tells investors in a research note.
|Over a month ago|
Fly Intel: Top five analyst upgrades » 09:5512/1712/17/20
OMI, SBGI, WK, ALV, NNN
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Owens & Minor (OMI) upgraded to Buy from Neutral at UBS with analyst Kevin Caliendo citing his "several checks with large acute care operators", which suggest that the company's "growing" PPE manufacturing capabilities should drive higher revenues and margins. 2. Sinclair Broadcast (SBGI) upgraded to Equal Weight from Underweight at Wells Fargo with analyst Steven Cahall saying he is "impressed" with Sinclair's ability to extract value from Diamond through the Bally's (BALY) deal, but thinks Diamond is still challenged and that EBITDA faces longer-term pressure. 3. Workiva (WK) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Stan Zlotsky saying the changes made to the company's products and partnerships over the last two years have been "very impressive." 4. Autoliv (ALV) upgraded to Equal Weight from Underweight at Barclays with analyst Brian Johnson saying he is rotating his stock picks more toward electric vehicle accretive and powertrain neutral names. 5. National Retail Properties (NNN) upgraded to Strong Buy from Outperform at Raymond James with analyst Richard Milligan saying while National Retail Properties has been one of the worst performing net-lease REITs in 2020, its cash collections have improved to 94% in October. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Sinclair Broadcast upgraded to Equal Weight from Underweight at Wells Fargo » 06:3012/1712/17/20
Wells Fargo analyst…
Wells Fargo analyst Steven Cahall upgraded Sinclair Broadcast (SBGI) to Equal Weight from Underweight with a price target of $31, up from $24. The analyst is "impressed" with Sinclair's ability to extract value from Diamond through the Bally's (BALY) deal, but thinks Diamond is still challenged and that EBITDA faces longer-term pressure. While in an upside scenario there will be incremental earnings from DTC and sports betting, and debt holders will accept a haircut, Cahall says that in a downside scenario cord cutting accelerates and liquidity becomes a concern, making a messy restructuring more likely.
Fly Insider: Molecular Templates, AMD among notable insider trades » 16:4612/1412/14/20
AMD, MTEM, LAZY, CCI, SSTI, ADPT, AJG, AMBA, ARWR, SBGI
Welcome to "Fly Insider,"…
Bet On It: Ohio and Massachusetts look to establish sports betting market » 15:5811/2011/20/20
BALY, SBGI, PENN, DKNG, PDYPY, CZR, BYD, MGM
Welcome to The Fly's…
Sinclair Broadcast price target raised to $35 from $28 at Benchmark » 06:5611/2011/20/20
Benchmark analyst Daniel…
Benchmark analyst Daniel Kurnos raised the firm's price target on Sinclair Broadcast (SBGI) to $35 from $28 and keeps a Buy rating on the shares after the company announced an agreement with Bally's (BALY) to combines Bally's sports betting technology and market access footprint with Sinclair's portfolio of local broadcast stations and live regional sports networks, or RSNs. The deal, which represents Sinclair's first major move into sports gambling/iGaming beyond advertising revenues, leaves him feeling Sinclair shares "are still worth the gamble," Kurnos tells investors.
Bally's, Sinclair announce 10-year sports betting and iGaming partnership » 15:0911/1911/19/20
Bally's Corporation (BALY) and Sinclair Broadcast (SBGI) announced that they have entered into agreements for a long-term strategic partnership that combines Bally's vertically integrated, proprietary sports betting technology and market access footprint with Sinclair's portfolio of local broadcast stations and live regional sports networks, or RSNs, STIRR, its Tennis Channel and digital and over-the-air television network Stadium. Bally's and Sinclair will partner to create sports gamification content on a national scale, positioning Bally's as a gaming company with physical casinos and online sports betting and iGaming solutions united under one brand. The company said the transaction is expected to position Bally's to capture a significant share of the U.S. sports betting and iGaming market. Bally's will integrate content into the 190 television stations that Sinclair owns, operates or provides services to across 88 markets and its sports networks. The 21 Fox RSN brands will be rebranded using the Bally name. The Sinclair partnership. Over the 10-year term, Sinclair's RSN portfolio will receive annual naming rights fees and committed percentage of Bally's Interactive's marketing spend. The transaction includes Sinclair receiving warrants and options, subject to regulatory approval and other conditions, to own a minority stake in Bally's. Sinclair will receive penny warrants to acquire 14.9% of Bally's common shares as well as warrants to purchase up to a total of an additional 10% of Bally's common shares contingent on the achievement of various performance metrics. Sinclair will also receive options to purchase 5% of Bally's common shares in four tranches with purchase prices starting at $30 per share and escalating to $45 per share, exercisable after four years.
Wolfe Research to hold a virtual roundtable » 09:4911/1011/10/20
CMLS, ETM, GTN, NXST, OUT, SBGI, SSP
Virtual Media Roundtable…
Virtual Media Roundtable will be held on November 10.
Sinclair Broadcast CEO says Q3 results 'exceeded our expectations' » 07:3611/0411/04/20
"Driven by stronger…
"Driven by stronger than expected political and sports advertising revenue, and stringent cost control measures during the pandemic, Sinclair's results for the quarter, excluding the impairment, exceeded our expectations and guidance," commented Chris Ripley, Sinclair's President and CEO. "While core advertising trends in our Broadcast segment continue to face challenges due to the pandemic, we did see improvement as we moved through the quarter, despite having to balance strong political demand that competed for inventory." Ripley continued, "COVID-19 has also exacerbated subscriber churn which has impacted results; however, Sinclair has numerous initiatives that are expected to be drivers of growth in the years ahead. These include a new sports app planned to launch by the beginning of the baseball season in the spring of 2021, the continued roll-out of NEXTGEN TV expected to be available in approximately 45 markets by the end of 2021, and the premier of The National Desk, our new headline news service launching in early 2021. We believe these initiatives, our free, over-the-top ad-supported digital platform STIRR, gamification and direct to consumer and legalized sports betting opportunities that the company is exploring, position Sinclair for continued success in the years ahead."
Sinclair Broadcast reports Q3 consolidated adjusted EBITDA $736M, up 97% y/y 07:3511/0411/04/20