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UPDATE: JP Morgan Downgrades E.W. Scripps to Neutral on Uncertain Outlook, CapEx

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JP Morgan downgraded E.W. Scripps (NYSE: SSP) from Overweight to Neutral and lowered the price target from $14.00 to $11.50.

JP Morgan 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.

Latest Ratings for SSP

Feb 2016Wells FargoDowngradesOutperformMarket Perform
Nov 2015Stephens & Co.Initiates Coverage onEqual-Weight
Aug 2015JefferiesMaintainsHold

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Posted-In: JP MorganAnalyst Color Downgrades Analyst Ratings


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