UPDATE: Benchmark Reiterates Hold Rating, Raises PT on The New York Times Company on 4Q Results
In a report published Friday, Benchmark reiterated its Hold rating on The New York Times Company (NYSE: NYT), and slightly raised its price target from $8.00 to $9.00.
Benchmark noted, “New York Times (NYT-Hold, PT from $8 to $9) reported 4Q12 revenues of $576 million, up 5% y/y and slightly above consensus at $570 million, led by higher circulation revenues which rose 16% to $258 million. Advertising revenues declined 3% y/y to $280 million, less than expected due to an extra week (14) in the quarter, although on a comparable basis, the decline was greater than expected. The Company reported EPS from continuing operations of $0.76 in 4Q12 vs. $0.34 in 4Q11, but excluding severance cost and a series of special items, EPS in 4Q12 was $0.32 vs. $0.39 in 4Q11 and above our $0.29 estimate and consensus of $0.31.”
The New York Times Company closed on Thursday at $8.51.
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