Citi Has Buy Rating On New York Times

Citi Investment Research has a Buy rating and a $11.50 price target on shares of New York Times NYT. In a note to clients, Citi Investment Research writes, "Using The Times of London as a proxy points to the The New York Times having about 436k digital subscribers at the end of the first year (2Q12)." Citi goes on to say, "Recent data points support our view that the paywall will be meaningfully accretive and drive significant upside to consensus EBITDA estimates. Importantly, these data points have been incrementally positive, suggesting an increasing margin of safety and driving higher confidence in our positive view on New York Times." Shares of NYT gained 12 cents yesterday to close at $8.83.