New York Times upgraded to Buy at Argus amid digital business expansion

Argus upgraded New York Times to Buy from Hold with a $51 price target. The company has been mired in a business sector experiencing a secular decline, and to combat weak trends for print newspapers, New York Times is expanding its digital business, migrating print products to the web and enhancing its visual and audio capabilities, the analyst tells investors in a research note. Argus further cites the company having added lifestyle products such as games, recipes and shopping content to its bundled offering, as well as expanding its sports coverage through its acquisition of The Athletic. The firm is raising its FY24 EPS view on the stock by 6c to $1.69.