Guggenheim Securities has reduced its price target for Gray Media (GTN) to $7 from $8, following the company's first-quarter earnings report.

Analyst Curry Baker maintained a Buy rating on the stock despite the downward adjustment.

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The new target reflects an updated financial model based on Gray Media's Q1 performance and management's forward guidance.

Gray Media operates local television stations and digital assets across roughly 120 full-power TV markets in the United States.

Q1 Earnings Highlights

During the earnings call, Executive Chairman and CEO Howell announced the completion of station acquisitions in 10 markets from Allen Media Group.

The company also acquired stations in three markets from Block Communications.

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Additional transactions involving E. W.

Scripps and Sagamore Hill are expected to close in the coming weeks. These moves are part of Gray Media's broader strategy to expand its market presence.

However, the company faced headwinds in the advertising market. President, Co-CEO, and Director Patrick LaPlatney noted that core advertising trends softened heading into the second quarter.

He attributed the shift to international developments, including geopolitical tensions in the Middle East and fluctuating oil prices.

These factors caused some advertisers to delay commitments, reducing near-term demand visibility.

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Financial Metrics and Outlook

Executive Vice President and CFO Jeff Gignac reported that net retransmission revenue declined by $4 million in Q1 2026 compared to the same period last year.

Despite the drop, the company still expects full-year net retransmission revenue growth in the low single-digit range.

Gignac said the projected growth aligns with the operational pace established during the first quarter.

Broadcasting revenue showed a slight decline, but long-term projections remain stable according to fiscal leadership.

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Gray Media continues to navigate a challenging advertising environment while executing its acquisition strategy. The company's diversified portfolio and ongoing transactions are expected to support future performance.