UPDATE: Citigroup Downgrades McClatchy Company to Neutral on Valuation

Citigroup downgraded McClatchy Company

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.