The price target was set at $18. On Friday, the shares closed at $25.40, so Goldman believes the shares will drop almost 30%.
While all newspaper groups are doing badly and many have lost 40% of their market caps over the last two years, the Times has moved up some recently, perhaps on some hope that if Dow Jones (DJ) can be sold, so can NYT.
But, that bubble is bursting.
Douglas A. McIntyre