Wells Fargo Downgrades Gannett Co. (GCI) to Underperform; Lowers Valuation Range and 2010 Estimates
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Wells Fargo downgrades Gannett Co. (NYSE: GCI) to Underperform
Wells analyst says, "Downgrading to Underperform as recovery will likely disappoint: Looking into 2010 we think we're at a point where consensus earnings revisions will move lower and positive catalysts will be fewer, resulting in multiple contraction. We expect total newspaper adv. for GCI to decline by 14% in 2010 after a 29.7% decline in '09. Also contributing to weakening fundamentals are circulation pressure, the impact of Leno in the 10PM slot for NBC affiliates (12 stations) across the primetime and late news dayparts, and a more challenging expense environment (-8.5% op ex. in '10 vs. -14.0% in '09). We lowered our 2010 EPS estimate to $1.41 ($1.37 w/o tax rate adj) from $1.42, and we reduced our valuation range to $7.00 - $8.00 from $11.00 - $12.00."
To see more analyst ratings on GCI Click Here.
Gannett Co., Inc. operates as a news and information company.
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