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Fly News Breaks for July 22, 2019
GCI, NEWM
Jul 22, 2019 | 05:39 EDT
Citi analyst Jason Bazinet upgraded New Media Investment Group (NEWM) to Buy from Neutral and raised his price target for the shares to $14 from $10. The analyst's new price target is based on the assumption that New Media acquires Gannett (GCI) as he thinks the likelihood of the transaction occurring is very high following recent media reports. As the synergies come through, there would be a "fairly rapid path" to New Media's leverage falling to around 2.0 times within 24 months of the deal closing, Bazinet tells investors in a research note.
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