Sell regional newspaper shares, says UBS

Investment bank UBS has urged investors to sell their Johnston Press, and downgraded its target price from 225p to 165p. The move comes after the regional newspaper announced a 4.6 per cent profit slump, and shares hit a nine-year low.

UBS has also reiterated its “sell” rating for Trinity Mirror, and reduced its target share price from 300p to 270p. The group earlier this month posted a below-inflation rise in profits, with its regional division the worst-hit.

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