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Shares of the New York Times Company
NYT -5.29%
fell 5.3% on Tuesday after Barclays downgraded the media company to underweight from neutral, saying investors are putting too much weight on digital net additions. "We believe this valuation is too early and could force suboptimal choices on management," wrote Barclays analysts, led by Kannan Venkateshwar. Venkateshwar also cut its price for the Times to $ 18 from $ 20, a 32% downside from the current share price of $ 26.46. He compared the Times' digital growth to that of Spotify
SPOT, -1.41%
saying: "Based on certain assumptions for print, we believe in digital business." We are looking forward to the next few years, we believe in the momentum in this stock market. Shares of the Times have gained 43% in the year to date, while the S & P 500
SPX, + 0.48%
has gained 2.8%.
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