The New York Times Co. (NYT)
by Zacks Equity ResearchJuly 09, 2012 | Comments : 0 Recommended this article: (0)
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To mitigate the ongoing slump in the advertising market, the company is diversifying its business and adding new revenue streams. The company is also streamlining its cost structure, strengthening its balance sheet and restructuring its portfolio. The company is offloading assets that bear no direct relation with the core operations in order to re-focus on its core newspapers and pay more attention to its online activities.
The stock is trading at a discount based on forward earnings estimates. Consequently, we upgrade our recommendation on the stock to Outperform. Our target price of $8.75, 12.3X 2012 EPS, reflects this view.
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