The New York Times Co. will need a big 2024 presidential election to hit long-term subscriber targets, Morgan Stanley analysts said on Friday.
The New York Times Co. will need a big 2024 presidential election to hit long-term subscriber targets, as news subscriber growth shows signs of maxing out and demand trends among existing subscribers get harder to read, Morgan Stanley analysts said on Friday.
Against that backdrop, analysts Thomas Yeh and Benjamin Swinburne downgraded the media company to their version of a hold rating from buy, but kept their price target of $37. Shares of the New York Times NYT slid around 4% on Friday. “This puts greater pressure on the need for meaningful acceleration in 2024E and beyond to achieve long-term guidance for” 15 million subscribers by the end of 2027, the analysts said.
The Morgan Stanley analysts said the New York Times was “unique” among other news outlets in that it still had leeway to charge longtime subscribers more. And they said the Times’ newsroom was still growing, even as other outlets cut back. The analysts also said that the company was focused on boosting subscriber volumes rather than raising prices, and that a broader array of products could attract a wider range of customers.
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