Last week Noble Capital Markets announced it has initiated coverage on Newsmax (NYSE: NMAX) with an Outperform rating and a $23.00 price target, highlighting the conservative media company’s expanding influence in cable and digital news as well as a compelling multi-year monetization opportunity.
The $23 target represents a significant premium to Newsmax’s recent share price of about $14 and implies a market capitalization of roughly $3 billion, according to Noble’s Equity Research Analyst Michael Kupinski.
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