STOCKS NEWS EUROPE-Johnston Press down; Teathers cuts forecast

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14:42GMT 2008-Johnston Press down; Teathers cuts forecast

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Shares in Johnston Press (JPR.L) down 19.2 percent as broker Teathers downgrades its 2009 earnings per share estimate by 20 percent after talking to the British regional newspaper publisher's management.

"We have amended our advertising fade assumption for Johnston Press, in line with our thinking on Trinity (Mirror) (TNI.L)," analyst Andrew Walsh says in a note. "As a result, whereas we saw a covenant breach as improbable in our comments in the wake of the IMS (given the levels of advertising fade in our prior estimates), this now looks likely on our revised numbers."

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