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E.W. Scripps 2019 initiation

E.W. Scripps 2019 initiation

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We are initiating coverage of E.W. Scripps with a Buy rating and a 12-month price target of $21 per share, implying 40.4% upside. 

We’re positive on the gains that Scripps has made in bolstering depth in its Local Media broadcasting business and believe that investors have failed to give Scripps full credit in doing so. In combination with National Media expansion opportunities through further penetration in the digital audio market, targeted advertising, an unappreciated core advertising backdrop, a political ad windfall likely in 2020, possible further retrans upside, and continued expansion into the News vertical, we believe shares of Scripps are highly attractive at these levels. 

Read the rest in the initiation.