Bay Street gives sign of support for newspapers

Torstar saw its shares rise almost 20 per cent in one day yesterday when a bank analyst upgraded it as a potential investment. TD Newcrest rated it “action list buy”,  the  highest ranking TD assigns to a stock. Interestingly, TD rates the community weekly newspapers Torstar owns, not its flagship daily, as the main driver of corporate revenue. Investors have just bought a huge amount of stock; wonder how the other chains will fare (outside bankrupt Canwest) as their quarterlies come out, particularly Quebecor, whose Sun chain has been struggling with advertisers for some time.

Financial Post, March 3 2010

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