After The Wall Street Journal reported that Gannett plans to reduce its employee base by 2% or roughly 400 employees, Stephens analyst Kyle Evans says he believes the planned reduction in workforce is incremental to the restructuring of the recently acquired North Jersey Media Group operations. The analyst views ongoing cost control as a vitally important part of the company's efforts to stabilize the business, and expects management to maintain its focus on M&A and digital transformation of the business. He reiterates an Equal Weight and $16 price target on the shares.