We all know that legacy media of late has not had a good time of things. With newspapers on the ropes, broadcast TV—and even cable—losing ground to streaming, and magazines replaced by podcasts and video, are we looking at an era where reading itself may be passe? There are some dark signs, and soon, the New York Times (NYSE:NYT) might end up as a short-selling target.
While the Times labors under many of the same difficulties as legacy media in general, there’s one big problem for it right now: the Israel-Hamas war. More specifically, one of the biggest events therein – the explosion at the Al-Ahli Hospital in Gaza City. The New York Times referred to it as an attack by Israeli forces.
However, reports note that there isn’t any actual evidence that says the Al-Ahli Hospital in Gaza City fell prey to an attack by Israeli soldiers. For an institution like the New York Times to make such assertions with little to no proof is a major black eye. It would be to any news operation, but for the Times, a massive outfit with no shortage of resources to chase down proof, particularly so.
In turn, the subsequent “editors’ note” that emerged noting that there is evidence that indicates the Palestinians fired the rocket in question doesn’t help matters much. Further, the Times also had to admit to a downright disastrous point: it “…relied too heavily on claims by Hamas.” Claims by Hamas. Which would likely be at least mildly tainted by bias.
Yet, that’s scarcely the only problem here. Even back in June, reports pointed out how legacy media across the spectrum, from Disney (NYSE:DIS) to Warner Bros. Discovery (NASDAQ:WBD), were battling declines in traditional TV offerings. In addition, community newspapers have been dying off in alarming numbers. Is the Times, in the end, much different?
Is New York Times Stock a Buy?
Turning to Wall Street, analysts have a Hold consensus rating on NYT stock based on one Buy and three Holds assigned in the past three months, as indicated by the graphic below. Furthermore, the average NYT price target of $43 per share implies 4.04% upside potential.
