Citi downgrades New York Times (NYT) to Neutral, reflecting concerns "that near-term macro...


Citi downgrades New York Times (NYT) to Neutral, reflecting concerns "that near-term macro headwinds could more than offset paywall benefits." NYT added 43K paywall customers in Q3, short of Citi's 125K estimate, while print revenue declined 10% vs. a 6% drop in Q2. Shares have gained 9% since Q3 earnings last Thursday.

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