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A report from The Benchmark Company reiterates its Buy rating and $14 price target on Gannett Co
GCI.
The report states, “Gannett (GCI-Buy, PT $14) continued its string of in-line results, with strength in Broadcast, Digital and improving Circulation again partially offsetting weakness in Print Advertising. 3Q11 total revenue fell 3.5% y/y to $1.27 billion, matching consensus. Continued cost management helped limit EBITDA declines to 10% y/y to $256 million, but fell $10 million short of consensus. However, a 29% tax rate helped drive adjusted EPS of $0.44, in line with consensus”.
GCI closed yesterday at $9.99.
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