Bank of America initiated coverage on several newspaper companies and the news for them was not good.
Gannett (GCI), McClathchy (MNI), The New York Times (NYT), and EW Scripps (SSP) were all started at "neutral" and some of bank’s price targets are only about where the stocks trade now.
B of A set a price target on NYT of $21. The shares closed at $20.72 yesterday. SSP was started at $43 against a current price of $41.14.
The ratings are likely to drive the stocks lower. Wall St. sees no way out for most of these companies. Their print advertising is falling at a rate of 5% to 10% a year, and online revenue does not come close to making up for that.
Douglas A. McIntyre
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