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

|About: New York Times Co. (NYT)|By:, SA News Editor

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.