GCI - Gannett rises after bearish Citi jacks up target price

Gannett (GCI) finished 4.8% higher today following an update from Citi, which is staying bearish but sharply upgraded its target price. The firm updated its model to reflect fourth-quarter earnings, raising forward estimates and introducing a 2023 outlook. It's boosted its price target to $3.70 from $1.15. That significantly higher target still implies 35% downside, however. Street analysts are Bearish on Gannett overall, while Seeking Alpha authors are Bullish, and it has a Quant Rating of Very Bullish.

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Gannett rises after bearish Citi jacks up target price