UPDATE: Gilford Securities Raising Price Target On Nexstar Broadcasting (NXST)

Gilford Securities is raising its price target on shares of Nexstar Broadcasting NXST to $9 and has a Buy rating on shares.

In a note to investors, Gilford writes, "AUTO SURVEY SHOWS AMAZING 83% MAY BUY IN '11: Autobytel, revealed a remarkable amount, 83% of the public may buy an auto in 2011. 44% said they're looking now. 22% in 6 mo., with 16% looking in 6-12 mo.
The last 2 quarters for TV have seen 83% ($556MM) and 74% ($701MM) for Q2'10A and Q3'10A, respectively. If foot traffic partially reflects Autobytel's level, the car companies and dealers are likely to pour large amounts into ads."

Shares of NXST lost 16 cents yesterday to close at $7.04, a loss of 2.22%.