By: E&P Staff
J.P. Morgan upgraded The New York Times Co. to neutral from underweight Thursday on expectations that the publisher is coming into a period of easier financial comparables.
“The New York Times should continue to outperform peers’ newspaper advertising growth in the near term, with less exposure to the deteriorating classified advertising category,” the firm said.
J.P. Morgan added that the company could accelerate its stock repurchase program with the completion of its new headquarters. The Times Co. has also upped its dividend in an effort to support its stock price.
The market liked the news approaching noon hour trading. Times Co. stock (NYT: NYSE) was trading at 24.97, up 13 cents or 0.52% from its opening. Times Co. shares have traded in a 52-week range of $21.54 to $26.90.