Thread: Lehman Brothers slashes NYTCo price target

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  1. #1 Lehman Brothers slashes NYTCo price target 
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    Is the fat lady starting to warm up?

    July 09, 2008
    Lehman Brothers slashes NYTCo price target
    Thomas Lifson
    Virtually announcing to the world that the New York Times Company is in the process destroying shareholder value, investment bank Lehman Brothers is telling investors that its 12 month price target for a share of New York Times Company stock is $8 a share, down 46 percent from $15.06 at the time the report was published.


    Lehman sees ad revenue declining even faster than it had previously predicted, along with acceleration in the decline of earnings per share. It warns investors away from an asset play here, no doubt because the Sulzberger family is committed to keeping the company intact. So the only way the company's shares should be evaluated is on the basis of its rapidly deteriorating fundamentals.


    Worst of all, Lehman sees a possible dividend cut ahead. That would be painful for many members of the ruling family, and could threaten Pinch Sulzberger's control eventually.
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  2. #2  
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    NY TIMES HITS 10-YEAR LOW ON DOWNGRADE

    Hours after The New York Times Co. suffered the embarrassment of a third person scaling its Eighth Avenue headquarters in recent weeks, the company got pounded by Wall Street, which sent its shares tumbling when an analyst said its stock was pricey relative to its peers.

    The stock sank 7 percent, or $1.05, to $14.01 yesterday, near its lowest point in 10 years and 77 percent off its 52-week high of $24.76.

    The drubbing came after Lehman Brothers analyst Craig Huber slammed the Times' shares for being too expensive, compared with Gannett and McClatchy

    ....

    A Times spokeswoman declined to comment.
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