Thursday, May 9, 2019
Gray Television (GTN)
Why Didn’t The Stock Go Up?
Gray
Television, Inc. operates as a television broadcast company in the United
States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS
Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated
with the American Broadcasting Company (ABC); and 1 affiliated with FOX
Entertainment Group, Inc. (FOX).
Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Exceeds Q1 Expectations. The company exceeded our revenue and cash flow expectation by 4.7% and 8.0% respectively, but the results were clouded by one-time items. Retransmission revenue was the largest upside variance, benefiting from some true-ups and OTT platform subscriber growth.
- Q2 Outlook Disappoints. While Q2 revenue and expense guidance is in line with our expectations, we believe that it was lower than current Street consensus. Our Q2 revenue estimate is $504 million in line with the company’s guidance range of $502 million to $512 million, but bel…
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