11:03 AM EST, 11/06/2025 (MT Newswires) -- New York Times ( NYT ) continues to see benefits come from its All-Access Bundle adoption, as the company expands into non-news categories through its investments in games, cooking, and The Athletic, Morgan Stanley said in a Thursday note.

Morgan Stanley said it saw non-news product adoption as additive to New York Times' ( NYT ) overall revenue growth, and noted that the stand-alone, non-news offerings accounted for over 50% of digital subscriber net additions in Q3 while contribution about 15% of digital subscription revenue growth over the last trailing 12-month period.

"New York Times' ( NYT ) operating leverage is anchored on its ability to sustain double-digit digital subscription revenue growth, with upside to digital advertising and licensing revenues also flowing through at high incremental margins," Morgan Stanley added.

Morgan Stanley raised its adjusted earnings before interest, taxes, depreciation and amortization in 2026-2027 estimate by about 3% and said the forecast assumes a 12% consolidated EBITDA compound annual growth rate from 2025 to 2028.

The firm rated New York Times ( NYT ) as equal-weight and raised its price target to $62 from $59.

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