UPDATE: Citigroup Downgrades McClatchy Company to Neutral on Valuation
Citigroup downgraded McClatchy Company (NYSE: MNI) from Buy to Neutral and maintained a $3.50 price target.
Citigroup commented, "We're downgrading McClatchy to Neutral from Buy on valuation as, at the current price, upside to our target price is insufficient to maintain a Buy rating given the high volatility of the stock price. … We remain positive on McClatchy's ability to increase content monetization. While we don't expect the company to generate peer revenue-per-paper given their market exposure, we believe the company should see improved monetization."
McClatchy Company closed at $2.99 on Tuesday.
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