Why Gray Television (GTN) Stock Is Soaring Today

NEW YORK (TheStreet) -- Grey Television Inc. (GTN) 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).

"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) to "outperform" from "market perform."

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

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GTN Chart GTN data by YCharts

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