New York Times initiated with a Buy at Deutsche Bank

Deutsche Bank initiated coverage of New York Times with a Buy rating and $65 price target The firm says the company has been a leading publishing platform for over 170 years and more recently has navigated the transition from a traditional newspaper to a digital subscription and advertising model. New York Times’ digital-first subscription model and “strong fundamentals,” including healthy engagement trends, an expanding total addressable market, demonstrated pricing power, and advertising growth, paired with additional upside from potential artificial intelligence licensing agreements, position the company to deliver double digit growth in operating profit and to return increasing amounts of capital to shareholders in the coming years, the analyst tells investors in a research note.