UPDATE: Benchmark Raises PT on The New York Times Company to $8

The Benchmark Company has published a research report on The New York Times Company (NYSE: NYT) after the company reported 4Q earnings and raising the price target from $7 to $8.

In the report, Benchmark writes, "The Times currently trades at 4.5x our 2012E EBITDA, in line with publishing peers. We believe New York Times remains the best positioned pure-play newspaper publishing company to show renewed growth, though the timing remains unclear. We are maintaining a Hold rating until we see some evidence that growth in NYT.com is offsetting expected continued declines in print advertising and at About.com. Using 5x our 2012E EBITDA, our price target is $8 per share."

Benchmark maintains its Hold rating on on The New York Times Company, which is currently trading down $0.08 from Friday's $7.74 closing price.