UBS Still Neutral on NY Times (NYT), Lowers PT to $9.50; Big Concern is Mix Shift to Digital
UBS remains Neutral on New York Times (NYSE: NYT) and lowers its price target from $9.50 down to $9.
UBS noted that weakness stemmed from two locations: light print ad growth vs. guidance and clarity that a return of capital announcement won't be made until early into 2013. Media peers issued lackluster results could also weigh on the stock.
Keys for New York Times include further growth in paywall subs while mitigation decline in print ads. The big concern is the larger mix shift from daily/Sunday to digital.
FY12 revs and EPS estimates now at $2.03 billion and 53 cents. FY13 revs and EPS at $1.97 billion and 48 cents.
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 $8.31 yesterday, with a 52 week range of $5.88-$11.07.
UBS noted that weakness stemmed from two locations: light print ad growth vs. guidance and clarity that a return of capital announcement won't be made until early into 2013. Media peers issued lackluster results could also weigh on the stock.
Keys for New York Times include further growth in paywall subs while mitigation decline in print ads. The big concern is the larger mix shift from daily/Sunday to digital.
FY12 revs and EPS estimates now at $2.03 billion and 53 cents. FY13 revs and EPS at $1.97 billion and 48 cents.
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 $8.31 yesterday, with a 52 week range of $5.88-$11.07.