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GCI

Gannett

$9.31

0.04 (0.43%)

08:17
05/07/19
05/07
08:17
05/07/19
08:17

Gannett says Glass Lewis, Egan-Jones recommend vote for director nominees

Gannett announced that Glass Lewis & Co. and Egan-Jones Proxy Services have recommended that Gannett shareholders vote "FOR ALL" of the company's eight director nominees - John Jeffry Louis, John E. Cody, Stephen W. Coll, Donald E. Felsinger, Lila Ibrahim, Lawrence S. Kramer, Debra A. Sandler and Chloe R. Sladden - on the WHITE proxy card ahead of the company's 2019 annual meeting of shareholders to be held on May 16, 2019. In its May 6, 2019 report, Glass Lewis stated that: "In evaluating MNG's proposal to acquire the Company for $12.00 per share, we believe the board has sufficient cause to believe the MNG offer is not sufficiently credible to warrant further discussions between the two parties or to allow MNG to conduct confidential due diligence. We question the sincerity of MNG's bid and have outstanding concerns regarding the shareholder's capacity to obtain financing in order to close the transaction. We agree with the incumbent board that credible evidence of financing should be a prerequisite to further discussions with MNG." In its May 6, 2019 report, Egan-Jones stated that: "In our view, the management slate has the right mix of qualifications, experience and diversity contrary to MNG's slate, which we believe, will not deliver any incremental benefits to the incumbent Board and fell short of independence as evidenced by the affiliation with Alden." The company said, "The recommendations of Glass Lewis and Egan-Jones to vote "FOR ALL" of Gannett's highly engaged, fully independent director nominees send a strong message that we have the right board and strategy in place to drive long-term value creation for all Gannett shareholders. We are pleased that Glass Lewis and Egan-Jones share our belief that the broad and diverse backgrounds, professional experiences and skills of Gannett's eight nominees make them uniquely qualified to continue to oversee Gannett during this critical time of the company's ongoing digital transformation."

  • 16

    May

GCI Gannett
$9.31

0.04 (0.43%)

07/06/18
JPMS
07/06/18
DOWNGRADE
Target $10
JPMS
Underweight
Gannett downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Alexia Quadrani downgraded Gannett to Underweight with a $10 price target. The analyst expects ongoing secular concerns in the print marketplace to bring further volatility.
07/06/18
JPMS
07/06/18
DOWNGRADE
Target $10
JPMS
Underweight
JPMorgan downgrades Gannett to Underweight on secular print concerns
JPMorgan analyst Alexia Quadrani downgraded Gannett to Underweight from Neutral with an unchanged price target of $10, implying 8% downside from current share levels. Shares have been relatively stable despite ongoing concerns regarding print circulation and advertising trends, Quadrani tells investors in a research note. The analyst, however, remains concerned about the outlook for both print circulation and advertising in an environment with rising newsprint costs. She thinks Gannett's print business will continue to weigh on growth, leading to declines in both revenue and EBITDA in fiscal 2018. As such, Quadrani believes the stock will remain an underperformer.
07/06/18
07/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Arbutus Biopharma (ABUS) downgraded to Neutral from Buy at B. Riley FBR with analyst Madhu Kumar citing valuation following the stock's recent rally. 2. Gannett (GCI) downgraded to Underweight from Neutral at JPMorgan with analyst Alexia Quadrani saying she expects ongoing secular concerns in the print marketplace to bring further volatility. 3. L'Oreal (LRLCY) downgraded to Hold from Buy at Deutsche Bank with analyst Eva Quiroga stating that following the stock's outperformance, she sees "limited incremental upside at best" from current share levels. 4. Carnival (CCL) downgraded to Hold from Buy at Argus with analyst John Staszak saying the company is faced with near-term challenges such as more difficult prior-year comparisons, soft advance bookings, higher fuel costs, and adverse FX rates. 5. Preferred Bank (PFBC) downgraded to Equal Weight from Overweight at Stephens with analyst Tyler Stafford citing valuation, noting that the stock now trades in-line with its peer group. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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