Sinclair Broadcast stock falls after double downgrade warns of 'multiple pressures'
Shares of Sinclair Broadcast Group Inc. were down 3% in after-hours trading Wednesday after Wells Fargo analyst Steven Cahall double-downgraded the broadcast company's stock, lowering his rating to underweight from overweight and nearly halving his price target to $16 from a prior $30. The company "faces multiple pressures that we think are greater than TV broadcast peers," he wrote in a late Wednesday note to clients. He worries about the company's net retransmission trends, which he thinks... Читать дальше...