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Fly News Breaks for June 29, 2015
TGNA, GCI
Jun 29, 2015 | 07:52 EDT
Jefferies continues coverage of Gannett (GCI) with a Hold rating, down from its prior Buy rating, and lowered its price target on post-spin Gannett to $39 from $15 following the spin from its parent entity Tegna (TGNA), which Jefferies initiated with a Buy rating and $35 price target this morning. The firm believes Gannett has the capacity and appetite to expand via acquisitions, but noted the timing of potential deal is still unknown, and that it expects the company to have limited organic growth, citing secular headwinds in publishing.
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