Citi analyst Jason Bazinet earlier today upgraded New Media Investment Group to Neutral from Sell while lowering his price target for the shares to $10 from $12. At current stock levels, the analyst sees a balanced risk/reward profile. Bazinet no longer sees downside risks over the next 12 months and believes that if New Media cuts its dividend, the equity may rally. As such, he no longer believes a Sell rating is warranted. The analyst outlines three potential paths going forward: New Media maintains the dividend and continues to pursue acquisitions, the company maintains the dividend and stops M&A, or it reduces the dividend. The stock in morning trading is up 4c to $11.10.