LONDON, July 1 (newratings.com) - Analyst Johnathan Barrett of Kaupthing Singer & Friedlander Capital Markets downgrades Trinity Mirror Plc (LSE:
TNI.L -
news)
(ticker: TNI-GBX) from "buy" to "sell," while reducing his estimates for the company. The target price has been reduced to 92p.
In a research note published this morning, the analyst mentions that the company's recent profit warning points towards an extremely high acceleration in the rate of advertising decline in the press market. Trinity Mirror's 2H performance is likely to exhibit further deterioration in trends and the company's earnings are likely to decline further in 2009, the analyst adds. The EPS estimate for 2008 has been reduced by 24.4%.
© 2008 New Ratings
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