Based on what it picked up during this month’s NAB Show in Las Vegas, analysts at Noble Capital Markets say 2019 is off to a slow start for television broadcasters. “We believe that advertising trends are somewhat tepid,” its quarterly media sector report says.

The most positive indicator is what’s happening with TV’s biggest category. “Auto advertising seems to be holding together despite the likely lower unit volume sales this year,” Noble says. “Television companies that focus on used cars, which is an area of focus for dealerships, are likely to fair better in this important category.”