In the wake of Friday's weaker-than-expected third-quarter financial report, Argus Research today downgraded Gannett's stock to a "hold" from a "buy."
Also, UBS analyst John Janedis lowered his 2011 earnings forecast by a penny, to $2.18 a share from $2.19. His current, fourth-quarter forecast remains unchanged, at 78 cents a share. UBS keeps its "neutral" rating on GCI shares, however.
"The next 10 weeks will test the newspaper ad market's ability continue to improve and GCI's stock will likely follow,'' Janedis says, according to research tracker SmarTrend.
GCI recently traded today for $12.60 a share, down 26 cents or 2%. That follows an 8.8% drop on Friday. Earlier today, GCI traded as low as $12.34.
The stock is now down 3% from a year ago vs. an 8% gain in the broader S&P 500 index.
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