S&P Equity Research Downgrades New York Times (NYT) to Hold
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S&P Equity Research downgrades New York Times (NYSE: NYT) from Sell to Hold.
S&P analyst, J. Peters, says, "Excluding one-time items, Q1 EPS of $0.06 vs. $0.14 misses our estimate by $0.11. Costs were higher than we expected, partly on higher staff reduction costs. We think a challenging economic environment is likely to persist and make it difficult for NYT to realize bottom-line gains despite strong cost cutting measures. As a result, we are cutting our '08 and '09 EPS estimates by $0.30 and $0.29 to $0.81 and $0.95, respectively. We are also reducing our 12-month target price by $5 to $16. Our EPS estimates include anticipated severance expense, which we consider recurring."
The New York Times Company is a diversified media company, including newspapers, Internet businesses, television and radio stations, and investments in paper mills and other investments. [SM]
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