Joe the Plumber Hits Media Coverage, Tells 'E&P' He Hopes Palin Does Not Run in 2012 'E&P' on Twitter: Here's How to Hit the Tweet Spot! McClatchy Launches Digital Editions on the Kindle As 'NYT' Chicago Pages Debut, Local Papers Deliver 'Exclusives' EXCLUSIVE: Newspaper Sites' Time Spent Dropped in October UPDATE: AP Layoff Count Hits 90, Meets Goal 'Indy Star' Leads Fight for Lobbying-Laws Reform Ad Revenue Sees 13th Consecutive Quarter of Decline in Q3 NYT Co. Board Amends Bylaws to Ensure Transparency in Shareholder Nominations 40 Years Ago Today: Photos of My Lai First Appeared But Photographer Often Forgotten | This week's top stories Mediaweek: Top Headlines

NEW YORK Shares of several newspaper publishers fell to 52-week lows Wednesday as a Goldman Sachs analyst reduced his 2008 ad revenue forecast on economic worries, and named New York Times Co. as one of his least favorite stocks.

Analyst Anthony Noto reaffirmed his "cautious" coverage of the sector, saying he is worried about further ad revenue declines occurring as recession fears gather momentum.

Newspaper ad sales dropped in recessions during 1999 to 2000 and in 2001, but a shift of readers to online formats has led newspaper publishers to report slowing ad revenue growth during healthy economic conditions the past three years, he said.

Noto anticipates ad sales will weaken further as economic conditions continue to deteriorate in 2008.

"We expect the classified categories to be very weak with the real estate, help wanted and auto categories particularly sensitive to broader economic activity," he wrote in a client note.

Noto said he now anticipates a 2008 ad revenue decline of 7.9 percent for the sector. He previously forecast a 2.6 percent drop.

The analyst lowered his New York Times 2008 earnings estimate to $1.05 per share from $1.09 per share, and cut his share price target to $12 from $15. He reduced his McClatchy Co. profit forecast to $1.11 per share from $1.32 per share and trimmed his price target to $11 from $14.

New York Times stock fell 91 cents, or 5.7 percent, to $15.19 in afternoon trading. The stock reached a new 52-week low of $15.12 earlier in the session. Shares of Sacramento. Calif.-based McClatchy shed 38 cents, or 3.5 percent, to $10.38. The stock hit a fresh low of $10.32 earlier.

Noto also dropped his Gannett Co. 2008 earnings prediction to $3.95 per share from $4.51 per share and slashed its price target to $38 from $46. The McLean, Va.-based company's stock declined $1.75, or 5.2 percent, to $32.09. It reached a new low of $31.97 earlier.

The analyst also cut profit forecasts and price targets on Dallas-based Belo Corp., Milwaukee-based Journal Communications Inc. and Cincinnati-based E.W. Scripps Co.