New York Times initiated with Buy amid ‘digital pivot’ at Citi

Citi last night initiated coverage of New York Times with a Buy rating and $52 price target. The company is in the midst of “thoughtful, well-executed digital pivot” that should allow it to grow revenues at a mid-single-digit pace through 2026, the analyst tells investors in a research note. In addition, the firm says New York Times’ balance sheet is “pristine” with no debt, ample free cash flow, and robust capital returns in the form of both dividends and buybacks.