UPDATE: Citi Color On GCI Downgrade, Price Decrease

Citi, which downgraded shares of Gannett GCI. “We continue to believe Gannett has an attractive asset base; however, in the near-term, there could be risks to estimates, and we don't see any non-operational catalysts benefiting the stock,” Citi writes. “1Q11 guidance suggests stabilization is further away than previously anticipated. And, revenue pressure could come from two trends: 1) lower retailer ad spend to offset inflationary pressures and 2) lower auto dealer spend on production cuts and/or OEM cut backs on dealer incentives.” Gannett closed Tuesday at $15.56.