Guggenheim Downgrades TEGNA to Hold Rating

TEGNA was downgraded to Hold by Guggenheim analyst Curry Baker, with a price target. The company's shares closed at $21.08. TEGNA also received a Hold from Barrington's James Goss, but a Buy rating from TR | OpenAI. The company has a market cap of $3.39B and a P/E ratio of 7.58.

TEGNA Inc. (NYSE: TGNA) has been in the spotlight recently due to ongoing merger talks with Nexstar Media Group and its latest financial performance. The company's shares have seen significant volatility, with analysts offering mixed opinions on the future prospects of the local TV giant.

The latest earnings report from TEGNA revealed a 5% year-over-year decline in revenue for Q2 2025, totaling $675 million [2]. This decline was primarily driven by a 4% drop in Advertising and Marketing Services revenue and a flat performance in distribution revenue. Despite the revenue drop, TEGNA remains committed to innovation and operational efficiency, focusing on expanding its digital and local news offerings.

Analysts have reacted differently to TEGNA's recent developments. Guggenheim analyst Curry Baker downgraded TEGNA to a Hold rating, citing concerns about the company's financial performance and the potential challenges posed by declining advertising revenue. However, the company received a Buy rating from TR | OpenAI, suggesting a more optimistic outlook on TEGNA's future [1].

The merger talks with Nexstar Media Group have added another layer of complexity to TEGNA's situation. While the proposed deal could provide scale at the local TV level, it also raises regulatory concerns and the possibility of increased competition in the industry [3]. TEGNA's shares have surged in response to the merger talks, reaching a high of $22 per share, although they have since retreated to around $21.08 [4].

TEGNA's market capitalization stands at $3.39 billion, with a P/E ratio of 7.58 [5]. The company's strong balance sheet and growing digital presence position it well for future growth opportunities, but the ongoing challenges in the advertising sector and potential regulatory changes pose significant risks.

In conclusion, TEGNA Inc. faces a mix of opportunities and challenges as it navigates merger talks with Nexstar and continues to adapt to the evolving media landscape. Analysts' opinions remain divided, but the company's focus on innovation and operational efficiency suggests a path forward.

References:
[1] https://www.investing.com/news/transcripts/earnings-call-transcript-tegna-inc-q2-2025-results-show-revenue-decline-93CH-4198950
[2] https://www.investing.com/news/transcripts/earnings-call-transcript-tegna-inc-q2-2025-results-show-revenue-decline-93CH-4198950
[3] https://www.fastcompany.com/960247/nexstar-media-group-is-buying-broadcast-rival-tegna-in-62-billion-deal
[4] https://www.cnbc.com/2025/07/01/nexstar-media-group-to-buy-tegna-in-62-billion-deal.html
[5] https://www.investing.com/stocks/tegna-inc-stock/