J.P. Morgan Reiterates New York Times Neutral (NYT)

On the heels of the New York Times NYT paywall announcement, J.P. Morgan reiterated the company's Neutral rating. J.P. Morgan has previously given the New York Times a $12 price target.

In the report, J.P. Morgan states, "New York Times announced yesterday that it will begin a test in Canada immediately and a full rollout here in the US on March 28th of its paid subscription model for its digital applications including the Internet and the iPad. This announcement has been highly anticipated as management has been working on this for two years and had promised a rollout by the end of Q1."

Shares of the New York Times closed Thursday at $8.89, reflecting no change from Wednesday's market close.