花旗上调对甘尼特的评级，称其“三个机会和一个风险”

Citi Research upgraded Gannett (NYSE:GCI) to "neutral" from "sell" and added the company to its 90-day upside catalyst watch list.

GCI stock rose as much as 20% before retreating to 16% by midday on Tuesday.

The research firm said it sees three opportunities and one risk over the next 24 months for GCI.

The opportunities are a potential Google court loss in Q4, asset sales, and multiple expansion, and the one risk it factors in is a recession. However, at prevailing levels, the risk-reward is balanced, Citi said.

"The main risk we see is an economic slowdown. During the last recession—which was unusual—GCI experienced almost 20% topline declines. If the next recession causes the topline to contract just 4%, the equity could see nearly $3 of downside," the research firm said.

Citi noted that a Google court loss in the DoJ case in Virginia won’t directly benefit Gannett, but it may be viewed as a harbinger of upside for Gannett’s case.

GCI is rated "Hold" by SA analysts and Wall Street, but has a "Buy" rating from Quant. Stock has more than doubled in value YTD while the benchmark S&P index rose 18%.

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