Gannett (NYSE:GCI) PT Boosted on Raised Valuation

Citing the change in outlook for online recruitment companies recently, UBS (NYSE:UBS) raised their PT and valuation of Gannett (NYSE:GCI).

UBS said, "Given market’s re-valuation on online recruitment companies over the past several months, we are upping our valuation of GCI as we take a fresh look at the value of the asset and the impact on our target valuation...Our 4Q10 revenue, EBITDA, and EPS estimates are unchanged at $1.468B (FC: $1.473B), $407M (FC: $401M), and $0.80 (FC: $0.80). Our forecasts include a -3% decline in PF news paper ad revenue, a 26.5% increase in TV revenues, and a 5% increase in digital (includes CB)."

UBS reiterates a "Neutral" rating on Gannett (GCI), which closed Friday at $14.88, gaining $0.12, or 0.81 percent. They raised their price target on Gannett from $13 to $15.