We see three key themes that point to a positive year for the broadcasters: delevering, regulatory/legislative reform and a positive outlook for the core business. Despite the recent run in the stocks, valuations remain reasonable in our view. We're taking our price targets for the TV broadcasters up and see 20%+ implied upside to the stocks in our broadcast coverage universe (Sinclair Broadcast group SBGI, Gray Television Inc. GTN, Townsquare Media Inc. TSQ).
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