New York Times has successfully transformed itself into a digital growth business mitigating declines in print, JPMorgan analyst Alexia Quadrani tells investors in a research following a deep dive into the company's future outlook. She believes New York Times' subscriber growth is likely to accelerate, although with its costs remaining elevated. The analyst expects an acceleration in subscriber growth beginning in 2020, driven by the elevated news cycle around the elections and the return on investments the company has been making to broaden the product offering and better convert the casual reader to a subscriber. Its addressable market is large and competition thus far is "somewhat limited," contends Quadrani. The analyst established a December 2020 price target for the shares of $37 and raised her subscriber adds for the core news product in 2020 to 600,000 from 575,000 and digital to 275,000 from 250,000. Quadrani keeps an Overweight rating on New York Times.