Citi Raises its Price Target on The New York Times (NYT) to $94

Core Viewpoint - The New York Times Company (NYSE:NYT) is recognized as one of the best debt-free stocks to buy, with a positive outlook on its digital transition and advertising trends despite some concerns regarding performance indicators and valuation multiples [1]. Financial Performance - In Q4, The New York Times reported adjusted EPS of $0.89, slightly above the consensus estimate of $0.88, with revenue reaching $802.31 million compared to the consensus of $791.55 million [2]. - The company added approximately 450,000 net digital-only subscribers in the quarter, bringing the total to 12.78 million, while digital-only ARPU increased by 0.7% year-over-year to $9.72 [2]. Future Outlook - Citi has raised its price target for The New York Times to $94 from $77, maintaining a Buy rating, and expects Q1 total subscription revenues to grow by 9%-11% and advertising revenues to rise in the low double digits [1][4]. - Adjusted operating costs are projected to increase by 8%-9% [4]. - CEO Meredith Kopit Levien expressed confidence in continued growth in subscribers, revenue, profitability, and free cash flow for 2026 [2].