UPDATE: Sterne Agee Downgrades E.W. Scripps to Neutral on Uncertain Outlook, CapEx

Sterne Agee downgraded E.W. Scripps SSP from Overweight to Neutral and lowered the price target from $14.00 to $11.50. Sterne Agee said, "We are downgrading SSP shares to Neutral from Overweight following strong Q4 results, but with a more uncertain financial outlook over the next 6-9 months that reflects the lack of political advertising in the TV business as well as the company's announcement of a meaningful $22m investment into digital initiatives that should further depress earnings in this off-political year before potential revenues are realized. [W]e see a lack of upside catalysts for the near to intermediate term as investors assess the health of the core local ad market and seek greater clarity into the potential ROI on the company's digital investments." E.W. Scripps closed at $10.73 on Tuesday.