Spartan Capital analyst Barry Sine initiated coverage of Salem Media Group Inc. with a Buy and $6 price target, implying an upside of 114.3 percent.
Salem is primarily a radio broadcasting company delivering Christian and conservative content via its 100 owned stations and 3,100 affiliates, Sine said.
Salem’s Dennis Prager and Charlie Kirk are picking up many independent affiliates following the death of Rush Limbaugh, which should drive higher advertising revenue, especially into the mid-term elections, Sine added.
By Anusuya Lahiri
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