Friday, November 6, 2009

Torstar downgraded to 'underperform' by Scotia Capital

Scotia Capital analyst Paul Steep downgraded Torstar's stock to “underperform” from “sector perform” and lowered his profit forecasts, after the publishing company reported lower-than-expected third-quarter earnings and revenues. The company is showing stronger-than-expected growth in its Harlequin romance-book-publishing division (evidence, perhaps, of just how popular escapism becomes during recessions), but its bread-and-butter newspaper publishing business is in quicksand.

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