Now we know who bought 330K shares in one buy last week
In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating and $14.00 price target on Sinclair Broadcast Group (NASDAQ: SBGI [FREE Stock Trend Analysis]).
J.P. Morgan noted, “We have updated our model to reflect adjustments for Sinclair's closing on December 1 of the previously announced acquisition of 6 Newport Television stations, 1 Nexstar station, and new announcement of the purchase of the non-license assets of an additional Newport station in Rochester, NY. We had been assuming an early-Q1,13 close of the previously announced acquisitions. This, along with a slightly better outlook for core advertising after recent commentary from media buyers as well as from senior executives in the industry, brings our EPS in Q4,12 from $0.59 to $0.60, and in 2013 from $1.25 to $1.27.”
Sinclair Broadcast Group closed on Friday at $10.60.
One question. If it trades 25% less than the current price target why is this not a buy? They have a neutral.
BTW, they are very low on their 2013 full year guidance. About 20% low. Only upgrades coming after the 1st quarter guidance.