UBS Maintains a 'Neutral' on New York Times (NYT); Q3 Guidance Worse Than Expected
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Price: $64.79 +1.03%
Rating Summary:
6 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 10 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Neutral' on New York Times (NYSE: NYT), price target lowered from $8 to $7.
UBS analyst says, "We lowered our 3Q ad rev estimate on 9/12 to -5.5% ahead of today’s presentation, but NYT lowered total co ad rev guide to -8%. Print ad rev is trending -10% (vs. our prior -9.25%) and total digital ad rev is -2-3%, implying News Media digital ad rev of +10% in 3Q (vs. our prior +14% est), and About.com revs of -22% (prior -8% est). 3Q op. ex guidance of -1-2% is unchanged, and circ rev guidance was refined to +4% vs +LSD."
"We are forecasting 3Q11 revenue, EBITDA, and EPS of $540M (FC: $550M), $57M (FC: $63M), and $0.03 (FC: $0.06) vs. our prior $547M, $59M, and $0.04, respectively, with op. ex growth of -1.9% (prior -1%). Looking ahead, we tweaked our 4Q11/2012 News Media estimates lower and the incremental weakness at About.com is a growing concern against a 18.6% easier comp."
For more ratings news on New York Times click here and for the rating history of New York Times click here.
Shares of New York Times closed at $6.18 yesterday.
UBS analyst says, "We lowered our 3Q ad rev estimate on 9/12 to -5.5% ahead of today’s presentation, but NYT lowered total co ad rev guide to -8%. Print ad rev is trending -10% (vs. our prior -9.25%) and total digital ad rev is -2-3%, implying News Media digital ad rev of +10% in 3Q (vs. our prior +14% est), and About.com revs of -22% (prior -8% est). 3Q op. ex guidance of -1-2% is unchanged, and circ rev guidance was refined to +4% vs +LSD."
"We are forecasting 3Q11 revenue, EBITDA, and EPS of $540M (FC: $550M), $57M (FC: $63M), and $0.03 (FC: $0.06) vs. our prior $547M, $59M, and $0.04, respectively, with op. ex growth of -1.9% (prior -1%). Looking ahead, we tweaked our 4Q11/2012 News Media estimates lower and the incremental weakness at About.com is a growing concern against a 18.6% easier comp."
For more ratings news on New York Times click here and for the rating history of New York Times click here.
Shares of New York Times closed at $6.18 yesterday.
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