Downgrading Knight-Ridder; Also Cutting Estimates On Soft Newspaper Ad Trend - Bear Stearns Comments
(RealTimeTraders.com) - Wednesday morning, Bear Stearns downgraded Knight-Ridder, Inc. (KRI) shares. The brokerage also trimmed its 2003 and 2004 EPS estimates for the company.
Analyst Kevin Gruneich said soft newspaper advertising prompted him to cut his 2003 EPS estimate falls to $3.60 from $3.70, and 2004 estimate to $4.05 from $4.25.
Elaborating, the analyst said July ad performance was disappointing with retail being key culprit. Noting that this performance was despite easy comparisons, the analyst expects follow-through in softness.
All these said, Bear Stearns lowered its rating to Peer Perform from Outperform. On Tuesday, the stock closed at $68.06.
Copyright(c) 2003 RealTimeTraders.com, Inc. All Rights Reserved