Benzinga | Dec 22, 2021 06:36AM EST

Spartan Capital Sees 114% Upside In This Radio Broadcasting Company

* 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.