UPDATE: J.P. Morgan Lowers PT on Gannett Company to $17 (GCI)

J.P. Morgan is out with its report today on Gannett Company GCI, lowering its price target from $18 to $17. In a note to clients, J.P. Morgan writes, "We reiterate our Neutral rating on GCI shares. While we believe management does an exemplary job on expense controls, the revenue trends continue to disappoint which we believe will weigh on shares. Robust free cash flow earmarked for debt repayment will help buffer EPS, however without a better understanding of the extent of longer-term pressure on the top line we believe there will be limited multiple expansion. Our year end 2011 price target comes down to $17 from $18, assumes that GCI trades at a current 2011 multiple of 4.7x our 2012E EBITDA of $1,291m." Shares of GCI closed Thursday at $14.93.