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GTN [SELL -20.2%] - Fundamental progress lags share price rally - Update

We downgrade our rating to SELL while cutting our TP by 13% mostly due to lower VLC valuation and smaller-than-expected net cash following a recent placement and M&A. We trimmed our valuation of VLC by 19% due to increased A&P, price hikes pushed out to 2018 and normalizing margins in the pig trading segment after excessive Chinese buying in 2016.