GCI - Why Gannett Stock Is Soaring Today
Shares of Gannett (NYSE: GCI) were racing 15% higher in afternoon trading Friday after Citigroup (NYSE: C) raised its price target on the media company even though it maintained its sell rating on the stock.
Earlier this month, the company reported losses of $3.32 per share, missing analyst estimates by a wide margin, which led to Citi updating its earnings model for the company and raising their estimates for earnings before interest, taxes, depreciation, and amortization (EBITDA).
Despite the increase, there is still concern Gannett faces revenue headwinds, as well as its leverage position and being constrained on free cash flow.