Nexstar Hits Record High With 2020 Campaign Hopefuls Banking on Local TV
- Analyst says Nexstar is primed to gain most from 2020 election
- Shares rose to a record high after upgrade from Wells Fargo
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The ranks of well-funded political hopefuls vying for the nation’s top office is poised to benefit the local broadcast industry in a year set to reach record levels. But one of the nation’s regional television station operators stands to reap the most.
According to Wells Fargo, “billionaire candidates and a highly charged partisan presidential race are likely most beneficial” to Nexstar Media Group. The Irving, Texas-based owner of regional broadcast networks “is potentially more exposed than peers to presidential spending,” which could help the company beat revenue expectations and drive the stock to further gains, Steven Cahall, a senior media analyst, wrote in a morning note.