UPDATE: Citi Upgrades New York Times to Buy (NYT)

Citi is out with its report today on the New York Times NYT, upgrading NYT from Hold to Buy. In a note to clients, Citi writes, "We're maintaining our $11.50 target price as a slightly lower 2011 EBITDA estimate is offset by a modestly higher target multiple. Our lower 2011 EBITDA estimate reflects higher recent cost guidance and a ramp in the paywall between 2Q11 and 4Q11. Our target price represents over 25% upside to Friday's close, so we are increasing our rating to Buy from Hold." At the time of posting, shares of NYT were trading pre-market at $9.50, up 3.49% from Friday's close.