New York Times Shares Charge Higher as Lazard Upgrades, Cites NAV Improvement

Shares of New York Times

are up more than 2.3 percent Wednesday morning following an earlier upgrade from Sell to Neutral at Lazard. A $6 price target was removed. Analyst William Bird cited New York Times improved net asset value and a recovering real estate market as catalysts for the upgrade, bolstered by the company's option to repurchase 21 floors of its building for a "well below market value" figure of $250 million. Bird believes New York Times is likely to resume its dividends in 2014 at a 20 percent payout. Bird attributes the potential dividend restoration to increased pension funding of $140 million. The increase in funding stems from a 70 basis point increase in the 10-Year Treasury rate. New York Times shares last traded at $11.94.