Bank of America analyst Joe Arns cut his rating on the New York Times company to “sell” from “neutral” and reduced his price estimate on the stock to $14 from $21. Mr. Arns estimated that ad revenue in the newspaper industry will likely drop 9% next year as a collapse in the housing market, coupled with a hiring slowdown, reduce the demand for classified advertising. Crains New York
Wednesday, November 28, 2007
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