New York Times (NYT) PT Raised to $63 at Guggenheim

Guggenheim analyst Curry Baker raised the price target on New York Times (NYSE: NYT) to $63.00 (from $57.00) while maintaining a Neutral rating.

The analyst comments "The Times reported 4Q25 revenue and adj. operating profit of $802mm (vs. our $788mm estimate) and $192mm (vs. our $192mm estimate), with the higher revenue driven by digital advertising outperformance largely offset by higher operating expenses as well. Digital news product net adds were 120K, below our 150K estimate, while total digital subscribers were up 450K (for the year other single-product net adds of 820K dwarfed news-entitled net additions at 580K). Going forward The Times intends to collapse digital subscriber and ARPU reporting into a single category - in our view obscuring the quality of subscriber trends. Other single product (Family Plan Subs, Athletic, Cooking, Games, and Wirecutter) net adds for the quarter were 350K (above our 135K forecast). Our outlook for core news net adds in 2026 is largely unchanged at +560K (vs. +590K prior). Digital-only ARPU grew 0.7% y/y, decelerating compared to +3.6% in 3Q. We expect modest y/y ARPU growth to continue in 2026. Digital advertising continues to benefit from new inventory and audience monetization at The Athletic and Games. Our full-year 2026 AOP estimate is $618mm (up slightly from $612mm - the better revenue trends at digital advertising, in particular, are being largely offset by elevated spending). PT is now $63, up from $57."

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