New York Times (NYT) PT Raised to $47 at Guggenheim

August 4, 2021 1:17 PM EDT
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Price: $48.67 -0.06%

Rating Summary:
    6 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
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Guggenheim analyst Curry Baker raised the price target on New York Times (NYSE: NYT) to $47.00 (from $46.00) while maintaining a Neutral rating following results.

The analyst commented, "The New York Times reported 2Q revenue of $498mm (vs. our $488mm) and adj. EBITDA of $92.9mm (vs. our $71.8mm) with the outperformance driven by digital advertising and lower sales/marketing costs. Digital subscriber net adds were 142K (with 77K at the core news product), compared to our 245K forecast (with 155K at the core news product). Core news product ARPU was up 1% y/y and 5% sequentially compared to 1Q21. Looking at 2021, we forecast 1.013mm net digital adds vs. 2.295mm net adds in 2020 (management continues to believe net adds will be similar to 2019 at 1.035mm). Our 2021E adj EBITDA is now $321mm (vs. $313mm prior). We expect incremental margin expansion for the year driven by digital subscription growth and the return of digital advertising above pre-pandemic levels, partially offset by ongoing investments in the newsroom, news product, adjacent products, and technology."



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