New York Times shares tumble, hit low

The AP reports:

Shares of New York Times Co. touched their lowest point in more than a decade Wednesday, after an analyst cut his price target and predicted shares will weaken over time.

The stock lost 96 cents, or 6.4 percent, to $14.10 in late-afternoon trading. Earlier in the day, shares touched a low of $13.91, their lowest level since September 1997.

Lehman Brothers analyst Craig Huber cut his price target to $8 from $11, implying he expects the stock to drop 47 percent over Tuesday's close. He reiterated an "Underweight" rating, and said the company's dividend is at risk of being cut in coming years.