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Sinclair Broadcast Group 2019 Initiation

Sinclair Broadcast Group 2019 Initiation

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We are initiating coverage of Sinclair Broadcast Group with a Buy rating and a 12-month price target of $89 per share, implying 65.8% upside.

We are optimistic on the bet Sinclair has made on the value of live sports, buoyed by an underappreciated core business with further monetization opportunities ahead through targeted ads, sports betting legalization, robust political guidance, a healthy retrans outlook, continued penetration into the OTT space and tailwinds from ATSC 3.0.

Read the rest in the initiation.