Gannett (GCI) PT Lowered to $5 at Citi

Citi analyst Jason Bazinet lowered the price target on Gannett (NYSE: GCI) to $5.00 (from $9.00) while maintaining a Buy rating.

• now expect 8% revenue decline in 2020 and 7% decline in 2021. pro-forma Adjusted EBITDA estimates will decline in 2020 and 2021. Now estimate Adjusted EBITDA of $479 million in 2020 and $456 million in 2021 (versus $485 million in 2019).
• Dividend at Risk

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