Analyst cuts price target on Postmedia to zero

Persistently underwhelming revenues ahead of a looming maturity wall prompted RBC Dominion Securities to cut its price target on Postmedia Network Canada Corp. to zero from $0.50.
Postmedia operates Canada’s largest newspaper chain and various digital media properties, including the National Post.
While management continues to evaluate options with respect to the capital structure, it is difficult to attribute positive equity value to the shares absent a meaningful improvement in underlying operating trends ahead of significant debt maturities in August 2017 ($313-million first-lien notes) and July 2018 ($359-million second-lien notes,” wrote analysts led by Haran Posner.
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