Market Overview

Analyst: New York Times' Q3 Likely Ended On A Weak Note

Share:

Jefferies' John Janedis cut his third quarter estimates on New York Times Co (NYSE: NYT) on weak print trends.

Janedis trimmed his third quarter print ad growth estimates to -17 percent from -14 percent as its NYT Ad Lineage tracker indicates the September quarter finished on a weak note.

Further, the analyst sees third quarter advertising to come in below guidance, with risk to the fourth quarter assuming that print advertising will improve to -8 percent.

"Our tracker indicates that lineage weakened as the qtr progressed. On NYT's 2Q earnings call, mgmt noted that they lacked visibility into Sept which posed a risk to total adv guid (Sept. = ~45%+ of 3Q adv). There does not appear to be a meaningful impact from political advertising," Janedis wrote in a note.

The analyst now expects third quarter revenue, EBITDA and EPS at $362 million (FC: $366.5M), $34 million (FC: $37M), and $0.03 (FC: $0.06). Previously, the analyst expected $365 million, $36 million, and $0.04, respectively.

For FY 2016, Janedis slashed his EPS/revenue forecast to $1.56 billion/$0.54 from $1.56 billion/$0.55. Consensus calls for EPS of $0.58 on revenue of $1.56 billion.

Janedis has a Hold rating and $13 price target on shares, which are currently down 2.07 percent to $12.05.

Latest Ratings for NYT

DateFirmActionFromTo
Oct 2020Morgan StanleyInitiates Coverage OnOverweight
Aug 2020Wolfe ResearchInitiates Coverage OnOutperform
Jun 2020JP MorganMaintainsOverweight

View More Analyst Ratings for NYT
View the Latest Analyst Ratings

 

Related Articles (NYT)

View Comments and Join the Discussion!

Posted-In: Jefferies John JanedisAnalyst Color Price Target Reiteration Analyst Ratings

Latest Ratings

StockFirmActionPT
ZZZScotiaBankMaintains27.0
FSVScotiaBankMaintains128.0
FNScotiaBankMaintains38.0
CSUScotiaBankMaintains1,600.0
CXOScotiaBankDowngrades43.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com