Citi Has Buy On New York Times

Citi Investment Research has a Buy rating and a $11.50 price target on shares of New York Times (NYSE: NYT).

In a note to clients, Citi writes, "The success of NYTimes.com meter will primarily depend on how lost ad revenue from fewer page views compares to incremental revenue from the meter. Source of this incremental meter revenue are primarily subscription revenue but also secondary sources like incremental print and advertising/marketing revenues."

Shares of NYT lost 32 cents on Friday to close at $7.85.