Barclays Maintains an 'Equalweight' on New York Times (NYT); Capital Deployment More Focus Than Possibility of Going Private

August 20, 2012 3:15 PM EDT
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Price: $13.55 +0.37%

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Barclays maintains an 'Equalweight' on New York Times (NYSE: NYT) price target of $9.00.

Analyst, Kannan Venkateshwar, thinks that Capital deployment will remain the key focus (and has been considering sale of plus the NYT's existing $570M cash balance).

The Barclays analyst feels NYT will probably not go private, considering the dual share holding structure by controlling Sulzberger family (70% stake). Overall, the feeling of pursuing additional acquisitions to enhance its digital product or distribution to enhance its core New York Times publication makes more sense.

At current levels, the stock trades at fair value vs. its historical multiples (and peers with declining ad revenues.

For an analyst ratings summary and ratings history on New York Times click here. For more ratings news on New York Times click here.

Shares of New York Times closed at $9.40 yesterday.

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