Sell regional newspaper shares, says UBS

Posted by Paul McNally on 10 March 2008 at 06:35
Tags: Media Business

Investment bank UBS has urged investors to sell their Johnston Press, and downgraded its target price from 225p to 165p. The move comes after the regional newspaper announced a 4.6 per cent profit slump, and shares hit a nine-year low.

UBS has also reiterated its “sell” rating for Trinity Mirror, and reduced its target share price from 300p to 270p. The group earlier this month posted a below-inflation rise in profits, with its regional division the worst-hit.

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