Benchmark Maintains Hold Rating on McClatchy Company

According to Benchmark, McClatchy Company (NYSE: MNI) Hold rating is maintained.

Benchmark said that it is raising its 2011 and 2012 estimates for McClatchy (MNI-Hold rated) as a result of stronger than expected newspaper ad revenues and circulation in the closing months of the year. “Total revenues for October and November combined were down 4.9% compared to a decline of 8.7% through the first nine months of 2011, led by retail and national advertising, despite a tough comparison with October and November of 2010, which were McClatchy's strongest months last year.”

McClatchy Company closed yesterday at $2.18.