Numis reiterates 'buy' on Trinity Mirror after trading update

(ShareCast News) - Numis reiterated a 'buy' rating and target price of 210p on Trinity Mirror after the British newspaper publisher reported an "encouraging" trading update on Friday.While Trinity said it sees group revenue falling by more than 8% like-for-like in the fourth quarter, it said its performance for the full year will be "marginally ahead" of expectations. Numis also noted that the decline in revenue marks an improvement on the third quarter's 9% fall.The company said publishing revenue is forecast to dip 8% in the last three months of the fiscal year as a 10% slide in print offsets an 8% increase in digital. Print advertising revenue is expected to decrease by 17% while circulation revenue is estimated to dip 5%.Numis raised its lower end forecasts for full year pre-tax profit and earnings per share by 5% to £131.0m and 36.8p, respectively. The broker said an expected net debt of £35m by year end was better than its estimate for £87m, aided by disposals."We retain our Buy recommendation and view Trinity Mirror shares as materially undervalued compared with our price target of 210p," Numis said.