Citi Downgrades Gannett (GCI) to Sell
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Citi analyst Jason Bazinet downgraded Gannett (NYSE: GCI) from Buy to Sell with a price target of $0.50 (from $5.00).
The analyst comments "Given the material risk of EBITDA contraction, limited ability to generate FCF and challenges to meaningfully reduce leverage without resorting to additional asset sales, we are downgrading Gannett to Sell."
Shares of Gannett closed at $0.97 yesterday.
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