UPDATE: Citi Lowers PT on McClatchy Company to $3.50 (MNI)

Citi is out with its report today on McClatchy Company MNI, lowering its PT from $5.00 to $3.50. In a note to clients, Citi writes, "We apply a 6.0x multiple to our 2011 EBITDA estimate. To this we add our estimates of the after tax values of the CareerBuilder, Classified Ventures and Miami land stakes as well as the cash balance. We back out debt and the after-tax pension liability. This drives our $3.50 price target." Citi maintains Hold on MNI. Shares of MNI closed Monday at $2.83, down 1.05% from Friday's close.