New York Times price target lowered to $54 from $56 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on New York Times (NYT) to $54 from $56 and keeps an Equal Weight rating on the shares. Q4 results highlight that slowing core news subscriber growth remains a risk to the Times’ premium multiple, the analyst contends. However, a “healthy” 12-13% EBITDA compound annual growth rate through FY27, driven by the company’s scale, pricing power, and operating leverage, offsets this risk, the analyst added.