McClatchy (MNI) Swings to Q3 Loss

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Imperial Capital Upgrades McClatchy (MNI) to Outperform; SOTP Worth Up to $5.10/Share

October 23, 2014 11:00 AM EDT

Imperial Capital upgraded McClatchy (NYSE: MNI) from In-Line to Outperform with a price target of $4.25 following Q3 results, reflecting a sum-of-the-parts analysis and a 20% free cash flow yield target.

Analyst Kevin Cohen said a more shareholder-centric posture, including the instatement of a dividend, appears achievable. They also believes McClatchy will avoid a "roll-up" strategy to create equity value, a positive in their view.

"With an expected $406mn... More