Bank of America Sets $84 Price Target on New York Times with 70% Subscription Revenue
Bank of America initiated coverage of The New York Times Company with a Neutral rating and $84 price objective, citing 9.2% 2025 revenue growth and subscriptions accounting for nearly 70% of revenue. Shares climbed 65% over the year as forward EBITDA multiple rose to 17 times.
1. Bank of America Initiates Neutral Coverage
Bank of America launched its first coverage of The New York Times Company with a Neutral rating and an $84 price objective, highlighting the publisher’s decade-long shift into a multi-product, subscription-driven platform anchored by its bundled All-Access offering.
2. Subscription-Driven Revenue Growth
Subscriptions now generate nearly 70% of total revenue, underpinning recurring cash flow after The New York Times reported 9.2% top-line growth in 2025 and margin expansion of 190 basis points.
3. Valuation Constraints and Risk Factors
Shares have surged about 65% over the past year, pushing the forward EBITDA multiple from 13 to 17 times, while analysts warn that limited multiple upside, AI-driven traffic disruptions and competition for ad dollars could cap further gains.