Citi Maintains Hold on McClatchy Company

Citi is out with its report today on McClatchy Company MNI, maintaining Hold after MNI announced that it had sold its land in Miami. In a note to clients, Citi writes, "Overall, we think this is a meaningful positive for the stock as management continues to find creative way to monetize its non-core assets to improve the company's longterm financial position. (In January, the company contributed real estate assets to its pension plans to cover required contributions for the year.) We were valuing the Miami land stake at about $140 million ($190 million initial purchase price marked down by 28%, the decline in Case Schiller index for Miami since the signing of the contract)." Citi has a $3.50 PT on MNI. Shares of MNI closed Thursday at $2.76.