From Nasdaq: 2024-09-17 11:19:56

Shares of Gannett surged 18% after an analyst upgraded the stock to neutral, citing potential benefits from the DOJ’s lawsuit against Google. Gannett, owned by New Media Investment Group, has made strides in digital transformation, reducing debt from $1.76 billion to $1.09 billion by Q2 2024. Digital revenues now account for 44% of total revenue, expected to reach 50% next year.

Investors see the Google lawsuit as a significant catalyst, with potential implications for Gannett’s ad sales growth. Analyst Jason Bazinet believes a positive outcome is likely, which could lead to a substantial payout for Gannett. Bill Miller, a Gannett shareholder, anticipates a win could eliminate all of Gannett’s debt or significantly improve its balance sheet.

Considerations for investing in Gannett: The Motley Fool’s Stock Advisor team did not include Gannett in their 10 best stock picks. Their picks historically outperformed the S&P 500 significantly, providing a blueprint for success in investing. While Gannett’s potential payout from the lawsuit could impact its stock price, it’s essential to weigh various factors before investing in the company.



Read more at Nasdaq: Why Shares of Gannett Are Soaring Today