Guggenheim Cuts Gray Media (GTN) Target to $7 Following Q1 Results

Vardah Gill

Mon, May 18, 2026 at 7:51 PM EDT 2 min read

Gray Media, Inc. (NYSE:GTN) is included among the 11 Best Dividend Penny Stocks to Buy Right Now.

On May 15, Guggenheim analyst Curry Baker lowered the firm’s price recommendation on Gray Media, Inc. (NYSE:GTN) to $7 from $8. The analyst reiterated a Buy rating on the shares. The firm updated its model following the company’s Q1 results and guidance.

During the Q1 2026 earnings call, Executive Chairman and CEO Howell said the company had recently completed the acquisition of television stations in 10 markets from Allen Media Group, along with stations in three markets from Block Communications. He added that the remaining transactions involving E.W. Scripps and Sagamore Hill were expected to close within the next few weeks.

President, Co-CEO, and Director Patrick LaPlatney said the company had begun seeing some softness in core advertising trends heading into the second quarter. He noted that tensions in the Middle East and swings in oil prices were influencing advertiser behavior. According to LaPlatney, some clients were delaying spending commitments, which reduced visibility into near-term advertising demand.

Meanwhile, Executive Vice President and CFO Jeff Gignac said net retransmission revenue declined by $4 million in the first quarter of 2026 compared with the same period a year earlier. Despite the decline, he said the company still expected full-year 2026 net retransmission revenue growth to remain in the low single-digit range, broadly in line with the pace recorded during the first quarter.

Gray Media, Inc. (NYSE:GTN) is a multimedia company that owns local television stations and digital assets serving roughly 120 full-power television markets across the United States.

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