Our timing on adding Trinity to the conviction list has been poor, with the original thesis for including it (the Local World deal and scope for further consolidation in UK print) overpowered by poor newsflow on ad trends, hacking outflows, and the launch of New Day. We reduce our estimates and lower our Target Price from 240p to 185p. Nevertheless, this still implies over 50% upside from current levels, enough for us to keep the stock on the list and look for a decent recovery in the price f ....