Sinclair is upgraded to "Buy" after a 14% pullback, with a 15% upside opportunity and a secure 7% dividend yield. SBGI's Q4 core advertising grew 14%, Tennis Channel outperformed, and political ad spending in 2024 is expected to exceed $350 million. Net leverage remains high at 5.3x, but there are no material debt maturities until 2029, and deleveraging is a top priority, supported by political ad windfalls.