By: Jennifer Saba
Merrill Lynch raised its rating on Journal Register Co. from ?sell? to ?neutral.?
Journal Register reported its 3Q earnings this morning and executives indicated that ad trends in Michigan were looking better and that they were going to roll out new revenue initiatives — including a new Web platform in Philadelphia — over the next several months.
?While fundamentals do remain weaker than average, we believe this has been priced into the shares,? wrote research analyst Stacy Fleck, in a note released this afternoon. ?We sense intensified efforts on behalf of management to help offset the revenue pressure.?