We Expect Sluggish Revenue Growth Trends To Persist At New York Times - JP Morgan Comments
(RealTimeTraders.com) - Wednesday morning, JP Morgan downgraded The New York Times Co. (NYT) shares. The brokerage also cut its 2004 and 2005 sales and EPS estimates for the company.
Noting that NYT's revenue growth in January got off to a much slower start than expected, analyst Fred Searby expects sluggish trends to persist.
Accordingly, the brokerage cut its 2004 pro forma EPS estimate for NYT to $2.01 on sales of $3.345 Billion from $2.13 on $3.40 Billion. Its GAAP EPS estimate is $2.03. The brokerage also trimmed its 2005 estimate for the company to $2.22 on $3.49 Billion from $2.35 on $3.55 Billion.
Concluding, the brokerage lowered its rating on the NYT shares to Neutral from Overweight. On Monday, the stock closed at $46.70.
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