Tuesday, October 28, 2008

McClatchy said to be in "intensive care"

Research Recap:
McClatchy is arguably the best proxy for the industry, being a pure newspaper play, and as cash cows go, it’s in intensive care. As Goldman Sachs analyst Peter Appert writes: "McClatchy 3Q earnings showed a similar pattern to the previous few quarters: extreme and worsening top-line declines, only partially offset by continued Herculean cost efforts, translating into margin pressure and earnings declines.” Goldman kept its price target at $2.00.

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