The investment bank said shares of the leading U.S. newspaper can rise more than 18%.
The New York Times stands out in the media landscape because of its thriving subscription business as well as opportunities stemming from artificial intelligence applications, according to Deutsche Bank. Analysts led by Benjamin Soff initiated research coverage of the 173-year-old newspaper's stock with a buy rating and a $65 price target. Soff's target Is Wall Street high, according to FactSet data, and suggests the potential for shares to add about 19% from Tuesday's closing level.
Beyond investments in the newsroom, Soff said the audience growth is driven by an emphasis on new journalistic formats such as podcasts and video presentations, and expanded cooking and game offerings. The Times now offers investors strong fundamentals, ranging from "healthy engagement trends" among users to an expanding total addressable market, pricing power and advertising growth.
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