UPDATE: Citi Lowers The New York Times' PT

According to a research report published this morning, Citi has decreased The New York Times' NYT PT from $7.75 to $7.25. In the report, Citi explained, "Following 1Q12 results – which saw strong circ rev growth, continued weakness in advertising and strong expense controls – we wanted to review the three key components of the model for evidence of potential inflection points that could reverse NYT's YTD underperformance relative to peers." Citi maintains its Neutral rating on The New York Times, which is currently trading at $6.27.