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Predictably, shares of the New York Times Co. (NYSE: NYT) are down more than 2% today after Bank of America put a "sell" rating on the newspaper publisher, citing a potential downturn in advertising from luxury advertisers and from financial services companies in New York and Boston.

Analyst Joe Arns slashed his price target by 33% to $21 as he believes the company's earnings before interest, taxes depreciation and amortizations could be 19% below Wall Street's consensus forecasts assuming a "mild recession," according to MarketWatch.

While I agree with Arns' analysis, like most analysts he is a day late and a dollar short. Wall Street has put a "sell" rating on the stock a long time ago. Shares of the New York-based publisher are down more than 33% for the year even though the company posted BETTER-THAN-EXPECTED third quarter results. The stock trades under the $19.50 median target of analysts surveyed by Thomson Financial.

My hunch is that newspaper publishers are such a low priority for Wall Street firms that they could care less whether or not their ratings are the least bit timely.

Note: I have done freelance writing for the New York Times and Boston Globe.

Why aren't there more 'sells' on the New York Times? originally appeared on BloggingStocks on Wed, 28 Nov 2007 14:13:00 EST. Please see our terms for use of feeds.

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