Deutsche Bank Upgrades New York Times (NYT) to Hold
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Deutsche Bank upgrades New York Times (NYSE: NYT) from Sell to Hold with a $15 price target.
The firm said, "Our 2Q EPS estimate of $0.23 remains unchanged, but our FY08 EPS estimate drops from $1.02 to $0.91 due to an increased forecast for the cost of newsprint and a slight reduction in our revenue forecast for the back half of the year. We have a Hold rating on NYT shares, as we think the current valuation relative to peers is justified by better long-term growth prospects, tempered by a 2H slowdown in national advertising, which will disproportionately impact NYT."
NYT's 2008E EV/EBITDA multiple of 7.2x is above the newspaper peer multiple of 6.2x. The firm believes NYT should trade at a meaningful premium to the group, given NYT's growth profile and relatively low leverage.
The New York Times Company is a diversified media company operating daily newspapers and more than 30 web sites.
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