New York Times price target raised to $58 from $51 at Argus

Argus raised the firm’s price target on New York Times to $58 from $51 and keeps a Buy rating on the shares. The firm notes New York Times has grown revenue and earnings through its licensing and affiliate agreements, expanding subscriber base and higher prices for non-bundled products. The company is focusing on bundled subscriptions that combine the news with other products, which management believes will increase customer engagement and reduce cancellations. Argus expects further growth in its subscriber base and advertising revenue during the upcoming presidential election cycle.