The New York Times (NYT) stock is rising today after multiple Wall Street analysts upgraded their price targets. The prominent newspaper and mass-media company recently reported robust earnings for Q3 2024, showing strong growth in both digital subscriptions and advertising revenues. While NYT stock has struggled recently, Wall Street sentiment toward it is shifting in a positive direction, positioning the company to continue growing into 2025.
What’s Happening with New York Times Stock Today?
Trading is off to a good start for New York Times stock today. Despite some volatility, shares are currently up 1.5% and look primed to continue rising. Over the past six months, NYT stock has performed well overall, shaking off difficult market conditions and rising 16%, enjoying the focus on news stemming from the 2024 U.S. presidential election.
Now analysts see better days ahead as the New York Times moves into the year’s final quarter. Ben Soff of Deutsche Bank (DB) increased his price target from $65 to $66, and J.P. Morgan’s (JPM) David Karnovsky raised his from $58 to $62. Both analysts maintain Buy ratings. Their new price targets imply upside potential of 24% and 16%, respectively.
These analyst upgrades likely stem from the New York Times‘ impressive earnings growth. As noted by TipRanks’ Joel Baglole, the publisher reported an addition of 260,000 paid digital subscribers in the third quarter, raising its total to 11.09 million. The New York Times is targeting 15 million subscribers by the end of 2027, with over 10 million of its subscribers using digital-only access. This momentum reflects the company’s ongoing success in the digital space and its commitment to growth.
Is NYT Stock a Buy, Sell or Hold?
Overall, Wall Street sentiment is bullish on the New York Times. Analysts have a Moderate Buy consensus rating on NYT stock based on four Buys, two Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 30% rally in its share price over the past year, the average NYT price target of $57.17 per share implies 8% upside potential.
