Morgan Stanley upgraded New York Times (NYT) to overweight from equal-weight.
Analyst Douglas Arthur says he upgraded the publisher on the belief that the strong recovery in national advertising that most media are experiencing in 2003 will catch-up to industry leader New York Times. He predicts an important recovery in help-wanted advertising after many false starts.
Arthur sees $1.93 2003 earnings per share, $2.10 in 2004, and $2.30 in 2005, and believes his estimates are conservative. Arthur set a $52 price target.