Wells Fargo Believes NXST Won’t Stop Here

By Austin Angelo

Wells Fargo analyst Marci Ryvicker reiterated a Buy rating on Nexstar (NASDAQ: NXST) on November 9. The company’s shares opened today at $59.15, close to its 52-week high of $61.79.

According to TipRanks.com, Ryvicker is a top 100 analyst with an average return of 19.7% and a 82.1% success rate. Ryvicker covers the Services sector, focusing on stocks such as Charter Communications, Clear Channel Outdoor, and Sinclair Broadcast.

Currently, the analyst consensus on Nexstar is Strong Buy and the average price target is $65.33, representing a 10.4% upside.

In a report issued on November 9, Wedbush also reiterated a Buy rating on the stock with a $66 price target.

Based on Nexstar’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $276 million and quarterly net profit of $24.8 million. In comparison, last year the company earned revenue of $225 million and had a net profit of $17.28 million.

Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2016, Blake Russell, the SVP, Station Operations of NXST sold 10,000 shares for a total of $523,800.

Nexstar Broadcasting Group, Inc. is television broadcasting and digital company. It focuses on the acquisition, development and operation of television stations and interactive community websites in medium-sized markets in the United States. It operates through the television broadcasting segment. The company was founded by Perry A. Sook in 1996 and is headquartered in Irving, TX.