JMP Securities analyst Matthew Condon initiated coverage of Gannett with an Outperform rating and $6 price target. Gannett is a digital media business, transitioning from a legacy news business, that reaches 187M monthly unique visitors across its local and national digital properties, the analyst tells investors in a research note. The firm’s positive view is based on the company’s “multiple catalysts” to accelerate digital revenue, expand margins, and de-lever its balance sheet, which it believes can drive multiple expansion toward its peer group average. Gannett is approaching an inflection point, where digital revenue can return the business to growth, says JMP.
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