Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Prudential Cuts New York Times to Underweight from Neutral

Prudential downgraded the New York Times (NYT) to underweight from neutral, citing the media company's recent financial performance announcement.

The New York Times said it will not provide guidance on its 2006 revenue, but its capital spending for 2006 will be roughly twice the level it was in 2005.

Analyst Steven Barlow says the news gives him no choice but to downgrade his stock recommendation, although the company's fundamentals have been worrisome to him for some time. He cut his 2006 earnings per share estimate by 3 cents per share to $1.57. He says that based upon a perceived increase in risk to his estimates in light of the lack of revenue or expense guidance, he cut his price target multiple to 8 times from 9 times earnings before interest depreciation and amortization, or EBITDA. He also cut his $26 price target to $23.

blog comments powered by Disqus