The New York Times Co. (NYT): Cutting 3Q Estimates - Jefferies
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Jefferies analyst John Janedis, reiterated his Hold rating on shares of New York Times (NYSE: NYT) after he cut 3Q print ad growth ests to -17% from -14% as his proprietary NYT Ad Lineage tracker indicated that the Q/Sept. finished on a weak note. The analyst expects 3Q advertising to come in below guidance, with risk to 4Q given the current assumption that print advertising will improve to -8%.
No change to the price target of $13.00.
Shares of New York Times closed at $12.30 yesterday.
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