Evaluated according to spectrum ownership -- the broadcast industry's "most important asset" -- Sinclair Broadcast Group may be the most valuable broadcast stock on the market, according to Wells Fargo Securities. According to Wells Fargo's analysis, Sinclair's spectrum alone is worth $2.9 billion, or $35.74 per share, which is 35% higher than the company's May 16 closing price of $26.55.

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