J.P. Morgan downgraded Gannett’s stock from neutral to underweight, MarketWatch reported. Gannett shares were down 7 percent on the morning of July 6 following the downgrade.

“Shares have been relatively stable recently despite ongoing concerns regarding print circulation and advertising trends,” wrote analyst Alexia Quadrani in a note. “Furthermore, our last several earnings revisions have been negative and we remain concerned about the outlook for both print circulation and advertising in an environment with rising newsprint costs,” she wrote.

J.P. Morgan analysts “remain hopeful” about growth at ReachLocal, which USA Today Network-owner Gannett bought in 2016. Yet “we remain concerned by the ongoing weakness in print advertising, which appear to be only partially offset by operating efficiencies,” wrote Quadrani.

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