By: Mark Fitzgerald
Shares of The New York Times Co. (NYSE: NYT), which led the newspaper sectors with a 6.7% increase Monday on a 58 cents gain to $9.32, have also followed the sector by sliding significantly in value since hitting a 52-week high of $14.87 back on Jan. 11.
The price hasn’t fallen enough, as far as Morningstar is concerned. “New York Times’ shares are overvalued, in our view,” analyst Joscelyn MacKay writes in the note from the Chicago-based independent research firm. Morningstar is “focused on the continued drop in print advertising revenue even as overall U.S. ad spending rebounds,” and it’s none-too-optimistic about The Boston Globe and the rest of the Times Co.’s New England properties.
Read more here at E&P’s business-oriented blog Fitz & Co. Give You The Business.