Wells Fargo & Company Has Lowered Expectations for Nexstar Media Group (NASDAQ:NXST) Stock Price

Key Points

• Wells Fargo cut its price target on Nexstar from $290 to $253 but kept an "overweight" rating, implying roughly a 27% upside from the stock's current level.
• Despite the Wells Fargo reduction, analyst sentiment remains moderately bullish—six Buys and two Holds with an average price target of $262.17—while NXST trades around $198.93, has 95.3% institutional ownership, and shows mixed valuation metrics (P/E ~67.6, PEG 0.78, D/E 3.05).

Nexstar Media Group (NASDAQ:NXST - Get Free Report) had its price target reduced by investment analysts at Wells Fargo & Company from $290.00 to $253.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 27.18% from the stock's current price.

NXST has been the topic of several other research reports. Guggenheim raised their price target on shares of Nexstar Media Group from $250.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Citigroup raised shares of Nexstar Media Group from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $252.00 to $220.00 in a research note on Friday, April 10th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Nexstar Media Group from $250.00 to $270.00 and gave the stock a "buy" rating in a report on Monday, March 23rd. Barrington Research reiterated an "outperform" rating and set a $290.00 target price on shares of Nexstar Media Group in a report on Tuesday, April 28th. Finally, Benchmark dropped their target price on shares of Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, April 6th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $262.17.

Nexstar Media Group Trading Up 2.3%

NXST stock traded up $4.41 during trading on Friday, hitting $198.93. The company had a trading volume of 58,956 shares, compared to its average volume of 387,930. The firm has a market capitalization of $6.08 billion, a P/E ratio of 67.55, a PEG ratio of 0.78 and a beta of 0.97. Nexstar Media Group has a 52-week low of $161.60 and a 52-week high of $254.30. The company has a 50 day simple moving average of $213.50 and a 200-day simple moving average of $207.97. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 3.05.

Institutional Trading of Nexstar Media Group

A number of institutional investors have recently modified their holdings of NXST. Integrated Wealth Concepts LLC bought a new stake in shares of Nexstar Media Group in the 1st quarter valued at about $499,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Nexstar Media Group by 49.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,870 shares of the company's stock valued at $2,844,000 after buying an additional 5,251 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Nexstar Media Group by 571.4% in the 1st quarter. Millennium Management LLC now owns 72,650 shares of the company's stock valued at $13,020,000 after buying an additional 61,830 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Nexstar Media Group by 14.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 132,809 shares of the company's stock valued at $23,802,000 after buying an additional 16,637 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Nexstar Media Group in the 1st quarter valued at about $654,000. 95.30% of the stock is currently owned by institutional investors.

Nexstar Media Group Company Profile

Nexstar Media Group, Inc is a diversified American media company engaged primarily in the ownership, operation and strategic affiliation of local television stations, digital platforms and cable networks. The company provides a range of broadcast content, including local news, sports coverage, entertainment programming and syndicated shows, reaching audiences in more than 100 television markets across the United States.

Founded in 1996 by entrepreneur Perry Sook and headquartered in Irving, Texas, Nexstar has built its presence through organic growth and a series of high-profile acquisitions.

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