Stock Markets
New York Times stock price target raised, maintains buy rating on financial performance
On Thursday, Argus Research updated its stance on New York Times shares (NYSE:NYT), increasing the price target to $58.00 and maintaining a Buy rating. This adjustment reflects the firm’s positive outlook on the media company’s financial performance and growth strategies.
The New York Times has been experiencing growth in revenue and earnings, attributed to its successful licensing and affiliate agreements, an expanding subscriber base, and higher prices for its non-bundled products. The company is also shifting its focus towards bundled subscriptions, offering combinations of news and other products, which is anticipated to boost customer engagement and reduce the rate of subscription cancellations.
Argus anticipates that the New York Times will see further expansion in its subscriber base and a rise in advertising revenue, particularly during the upcoming presidential election cycle. This event typically drives higher news consumption and engagement, potentially leading to increased advertising spend across media platforms.
In response to these positive trends, Argus has revised its adjusted earnings per share (EPS) estimate for the New York Times for the year 2024, raising it to $1.84 from the previous estimate of $1.69. This revision suggests a year-over-year growth of 7%. Additionally, the firm has also increased its 2025 adjusted EPS estimate to $1.95, up from the earlier forecast of $1.78.
The New York Times continues to evolve its business model to adapt to the changing media landscape, with a keen focus on digital subscriptions and innovative product offerings. This strategy, coupled with the heightened interest in news during election periods, positions the company for continued financial success, as reflected in the revised estimates and price target from Argus Research.
In other recent news, The New York Times Company reported a strong first quarter in 2024, driven by digital growth. The company added 210,000 net new digital subscribers, a significant step towards their goal of 15 million. Despite a minor decline in total advertising revenue, digital advertising saw growth, and the company anticipates an increase in advertiser demand in the second quarter.
Adjusted operating profit (AOP) and revenues have seen a steady rise, largely attributed to the digital subscription business. Digital advertising revenue grew by 3%, and the company experienced an approximately 8% increase in licensing, affiliate revenues, and Wirecutter revenues. Adjusted diluted earnings per share (EPS) increased from $0.19 to $0.31, reflecting the company’s focus on cost discipline and profitability.
The company forecasts a 6-8% growth in total subscription revenues and 11-14% in digital-only subscription revenues for the second quarter. While the cost of revenue increased by approximately 3% due to investments in journalism, the company remains on track to meet midterm targets with strong earnings growth anticipated for 2024. These developments are part of the company’s recent strategic resource reallocation and ongoing efforts to enhance profitability and maintain strong free cash flow.
InvestingPro Insights
As the New York Times (NYSE:NYT) garners a positive outlook from Argus Research, InvestingPro data complements this perspective with key financial metrics. The media giant holds an adjusted market capitalization of $8.2 billion, and despite a high earnings multiple with a P/E ratio of 32.96, the company’s revenue growth remains robust.
Over the last twelve months as of Q1 2024, the New York Times achieved a revenue increase of 5.68%, with a gross profit margin impressively standing at 48.25%. Moreover, the company’s commitment to shareholder returns is evident through a dividend growth of 18.18% during the same period.
Two notable InvestingPro Tips for the New York Times highlight the company’s solid financial standing and investor appeal: Firstly, the company holds more cash than debt on its balance sheet, suggesting a strong liquidity position. Secondly, the New York Times has a track record of consistent shareholder returns, having raised its dividend for 5 consecutive years. These factors may contribute to the company’s potential for sustained growth and stability, particularly as it navigates the high-stakes election cycle that typically boosts media consumption and engagement.
For readers interested in a deeper dive into the New York Times’ financial health and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/NYT. Plus, take advantage of a special offer using the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more expert insights and analysis.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
BioAge Labs (BIOA) Azelaprag Trial Halt Raises Questions About Pre-IPO Disclosures – Hagens Berman
San Francisco, California–(Newsfile Corp. – December 25, 2024) – On December 9, 2024, just months after conducting an initial public offering in September 2024, BioAge Labs, Inc. (NASDAQ: BIOA) made the startling announcement that it was discontinuing a Phase 2 study for its lead product, azelaprag, intended to treat metabolic diseases such as obesity.
Hagens Berman has opened an investigation and urges investors in BioAge who purchased shares in the company’s IPO or on the open market and suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/bioa
Contact the Firm Now: BIOA@hbsslaw.com
844-916-0895
BioAge Labs, Inc. (BIOA) Investigation:
The investigation is focused on the propriety of BioAge’s disclosures about the safety data and other matters related to azelaprag, which the company said in its IPO documents has been “well-tolerated in 265 individuals across eight Phase 1 clinical trials.”
BioAge’s disclosures came into question after the market closed on December 6, 2024, when the company announced the discontinuation of the STRIDES Phase 2 clinical trial evaluating azelaprag in combination with tirzepatide for the treatment of obesity. BioAge said that liver transaminitis was observed in patients receiving azelaprag.
This news drove the price of BioAge shares down almost 80% on December 9, 2024.
“We’re focused on whether BioAge was transparent to investors about the azelaprag safety profile before the December 6 announcement,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in BioAge and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the BioAge investigation, read more »
Whistleblowers: Persons with non-public information regarding BioAge should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BIOA@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235182
Stock Markets
Celsius Holdings (CELH) Hit with Investor Class Action Amid Accusations of Oversold Inventory to Pepsi- Hagens Berman
CELH Investors with Losses Encouraged to Contact the Firm
San Francisco, California–(Newsfile Corp. – December 25, 2024) – Celsius Holdings (NASDAQ:), Inc. (NASDAQ: CELH) and certain of its C-Suite officers are embroiled in a securities class action lawsuit, claiming they misrepresented and concealed crucial information about the company’s financial performance, especially concerning its key customer, PepsiCo (NASDAQ:).
Hagens Berman is investigating the allegations and urges investors in Celsius who purchased shares and suffered substantial losses to submit your losses now.
Class Period: Feb. 29, 2024 – Sept. 4, 2024
Lead Plaintiff Deadline: Jan. 21, 2025
Visit: www.hbsslaw.com/investor-fraud/celh
Contact the Firm Now: CELH@hbsslaw.com
844-916-0895
Celsius Holdings, Inc. (CELH) Securities Class Action (WA:):
The lawsuit alleges that during the Class Period, Celsius failed to disclose to investors several critical points:
- Oversold Inventory: Celsius significantly oversold inventory to Pepsi beyond demand, leading to a potential drastic reduction in future purchases.
- Declining Sales: As Pepsi depleted its overstock, Celsius’ sales were projected to decline, impacting its financial health and outlook.
- Unsustainable Sales Rates: The sales rates to Pepsi were unsustainable and created a misleading impression of the company’s performance.
- Misleading Metrics: Consequently, Celsius’ business metrics and financial prospects were overstated
The situation came to light on May 28, 2024, when Celsius’ stock price plummeted nearly 13% following reports from Nielsen indicating slowed sales growth. Analysts highlighted the possibility of significantly reduced sales as Pepsi cut back its inventory.
The stock took another hit on September 4, 2024, dropping over 11% after a company presentation revealed a shortfall of $100 million to $120 million in Pepsi orders compared to the previous year. It was also disclosed that Pepsi had held several million excess cases over the last 18 months.
These revelations have led shareholder rights firm Hagens Berman to investigate the allegations.
“We’re investigating whether Celsius deliberately painted an overly optimistic picture of its relationship with Pepsi, misleading investors about the true state of its financial health and sales sustainability,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Celsius and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Celsius case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Celsius Holdings should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CELH@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235180
By Ank Kuipers
PARAMARIBO (Reuters) -Suriname’s fugitive former President Desi Bouterse has died aged 79, the country’s government said on Wednesday, almost a year after he fled authorities to avoid jail following his conviction over the murder of 15 political activists in 1982.
“The government has been informed through the family and its own investigations of the passing of Mr. D. Bouterse, ex-President of the Republic of Suriname,” Foreign Minister Albert Ramdin told Reuters.
The former leader died on Tuesday, the government said, without confirming where, or even in which country. Last week Surinamese authorities raided his home – where supporters gathered to pay their respects on Wednesday morning – but did not find him.
Surinamese President Chan Santokhi, who investigated the case as a police commissioner and later as justice minister, expressed condolences to Bouterse’s family and urged calm in a statement.
“In the spirit of the holiday season and year-end, the president calls on all to remain dignified and calm, maintain peace and order and engage in prayer in the spirit of these special days,” the statement said.
Bouterse dominated politics in the tiny South American country for decades, leading a coup in 1980 and finally leaving office in 2020.
In 2019 he and six others were convicted for their role in the 1982 murders of 15 leading government critics – including lawyers, journalists, union leaders, soldiers and university professors – for which Bouterse received a 20-year prison sentence.
Bouterse had claimed the murdered men were connected to a planned invasion of the former Dutch colony.
Following years of legal back and forth, Bouterse was ordered to report to prison in January but he did not show up on the appointed date.
Though Bouterse avoided prison by going on the run, Reed Brody, a U.S. war crimes prosecutor who monitored the case for the International Commission of Jurists, said justice had caught up with the convicted former president before he died.
“Thanks to the victims’ relatives and their supporters who never gave up, Bouterse will go down in history as a convicted murderer,” Brody said.
The former president’s family will make a statement later on Wednesday, members of his political party told journalists.
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