New York Times (NYT) Subscriber Growth Risk is to the Upside, JPMorgan Reiterates Overweight

JPMorgan analyst Alexia Quadrani reiterated an Overweight rating and $50.00 price target on New York Times (NYSE: NYT) while acknowledging that one third-party data source noted a material slowdown in gross adds in Q3 with July being the best month.

The analyst stated "We had already expected a slowdown in our published subscriber add number (we continue to model 300k net adds in digital news vs. nearly 500k for Q1/Q2 and frankly given the elevated news cycle at the end of September, we believe risk is to the upside), but understand that buyside expectations may have gotten too lofty after two substantial beats year-to-date. Regardless, a slowdown in subscriber growth from the elevated 2020 levels is inevitable, if not this quarter then at some point early next year".

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 $41.17 yesterday.

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