Benchmark Reports on Gannett Co

Benchmark has published a report on Gannett Co. GCI. In the report, Benchmark wrote, "Gannett (GCI-Buy, PT $18) posted in-line 2Q11 results. Strength in Broadcast, Digital and improving Circulation partially offset weakness in Print Advertising, resulting in a 2% y/y revenue decline to $1.33 billion, matching consensus. Continued cost management helped limit EBITDA declines to 12%, leading to adjusted EPS of $0.58, $0.01 above consensus. Gannett also increased its return of cash to shareholders, doubling the dividend and resuming share repurchase activity." Benchmark rated Gannett a BUY with a price target of $18.00. Gannett closed Monday at $13.36.