Gannett downgraded to Sell from Neutral at Citi

Citi analyst Jason Bazinet downgraded Gannett to Sell from Neutral with an unchanged $5.10 price target. The company agreed to a large refinancing that will extend maturities and reduce potential dilution related to the firm’s convertible debt, but while the stock rallied 17% on this news and the firm believes it was a “smart transaction”, the Street has also ascribed “too much value” to this transaction, the analyst tells investors in a research note.