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E.W. Scripps Q2 2019 Earnings Note

E.W. Scripps Q2 2019 Earnings Note

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We are maintaining our Buy rating on E.W. Scripps with a 12-month price target of $18 per share, implying 51.8% upside.

Despite a Q3 2019 guide mostly in-line with consensus, Scripps dropped by 10% after earnings possibly due to some investor disappointment with guidance. We are viewing the pullback in shares as a buying opportunity and maintain our Buy rating, as the quarter displayed the growth tailwinds we highlighted in our initiation piece, particularly around Stitcher and Newsy...

Read the rest in the note.