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Sinclair Broadcast Group Q4 2019 Earnings Note

Sinclair Broadcast Group Q4 2019 Earnings Note

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We are maintaining our Buy rating on Sinclair Broadcast Group, with a 12-month price target of $41.00, implied upside of 76.6%.

Nothing lasts forever, and we believe Sinclair and Dish will eventually reach a carriage deal despite the current stalemate. It should be noted that despite this headwind, Sinclair raised its 2019 / 2020 free cash flow guidance to an average of $11.75 - $12.40 per share from their prior guidance of $11.50 - $12.50 per share, noting the strength they’re seeing in core, up 7% y/y in Q4 2019 for the legacy broadcast business.

Read the rest in the note.