NEW YORK (TheStreet) -- Grey Television Inc. (GTN) - Get Report stock is soaring 11.79% to $11.09 on Wednesday after the broadcast company received a ratings upgrade to "outperform" from "market perform" at Wells Fargo (WFC) - Get Report.

"Specifically for GTN, we like the potential for M&A, net retrans growth, and political exposure and see potential upside to estimates," said Wells Fargo analyst Marci Ryvicker.

On Wednesday, Wells Fargo also upgraded Sinclair Broadcast (SBGI) - Get Report to "outperform" from "market perform."

The firm believes there is limited downside risk to broadcast TV stocks.

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