Analysts Revise New York Times Co.'s Prospects
Analysts covering both the credit prospects and the stock price of The New York Times Co. have issued favorable forecast’s for the newspaper publisher’s future, says Editor & Publisher.
Standard & Poor’s, which evaluates the likelihood that an entity will pay a lender back, said it is considering upgrading its current junk-level rating on the Times Co., citing a mellowing of revenue declines.
As for the company’s share price, research company Morningstar announced it would consider changing its estimate of the stock’s value. A new analysts will begin coverage of the Times. Previously, Morningstar had valued the stock at $4. Shares of Times Co. currently trade around the $11 to $12 area.
The Times earlier this week announced solid first-quarter results, swinging to a profit of $52.7 million from a loss of $61.7 million a year ago.
