UBS Maintains a 'Neutral' on New York Times (NYT); Cutting Estimates as Telecom/Airline Categories Weak in March

UBS maintains a 'Neutral' on New York Times (NYSE: NYT) price target lowered from $8 to $7.

Analyst, John Janedis, said, "Our daily page counts at the New York Times newspaper indicate ad linage in the categories we track was -6% in March (Feb -6%, Jan -10%). Through the first 15 days of April, linage is trending approx. -20%, likely negatively impacted by the earlier Easter. Our 1Q print adv. estimate is unch. (-7.8%), though we are lowering 2QE to -9.5% and are lowering our 2QE rev, EBITDA and EPS to $496M, $66M, and $0.11...Our 2012 revenue, EBITDA, and EPS estimates are now $2,030M, $308M, and $0.59."

(NOTE - Airline category down 46% in March and Telecom down 56% with notables being Amtrak (-73%), Continental (NYSE: UAL) and Sprint (NYSE: S) dropped ads (-100%))

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 $6.40 yesterday.

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