Gabelli Maintains Buy on Sinclair Broadcast Group-A

Gabelli is out with its report today on Sinclair Broadcast Group-A

, maintaining Buy. In a note to clients, Gabelli writes, "Buy. SBGI trades at 7.2x this year's estimated EBITDA and 6.1x 2012 projections with BCF multiples of 6.4x and 5.5x, respectively. The balance sheet is much improved with maturities lengthened and interest costs reduced. We calculate a $15-16 per share PMV through the 2011-2012 political cycle." At the time of posting, shares of SBGI were trading at $9.77, down 0.20% from Monday's close.