UBS Maintains a 'Neutral' on Gannett (GCI); Cutting Estimates on Sluggish Print

June 1, 2012 10:49 AM EDT
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Price: $9.64 +0.94%

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UBS maintains a 'Neutral' on Gannett (NYSE: GCI) price target lowered from $15 to $13.50.

Analyst, John Janedis, said, "Based on checks, we believe print ad trends remain sluggish through the first two months of 2Q. Moreover, we do not think the digital segment has seen as much of a reacceleration as we had initially anticipated given the somewhat muted online recruitment market/CareerBuilder. We lowered our 2Q12 EPS estimate to $0.52 (prior $0.53) and revenue to $1,316M (prior $1,326M). At this point, it’s too early to call the success of the paywall/digital ad initiatives in our view and we maintain our Neutral rating on the stock."

UBS lowers FY12 EPS estimate from $2.19 to $2.13 and FY13 from $2.04 to $1.96.

For an analyst ratings summary and ratings history on Gannett click here. For more ratings news on Gannett click here.

Shares of Gannett closed at $13.06 yesterday.

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