- Spartan Capital analyst Barry Sine initiated coverage of Salem Media Group Inc (NASDAQ:SALM) with a Buy and $6 price target, implying an upside of 114.3%.
- 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 Praeger 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.
- Price Action: SALM shares closed higher by 0.36% at $2.80 on Tuesday.
