Market watchers say the newspaper industry is faring better than predicted, at least in the land down under, perth now reported today.
Royal Bank of Scotland's analyst Fraser McLeish put "buy" recommendations on Fairfax Media and APN News & Media, The Australian reported today.
The upgrade comes as U.S. newspapers such as The New York Times reported a freefall in advertising revenues for the most recent quarter, according to the Jacksonville Business Journal. Meanwhile, Fairfax Media shares reached a high of A$1.80 in October, up from $0.80 in March, while News Corporation shares rose from $8.93 to $16 during the period, Trading Markets reported today. McLeish attributed his upgrade of newspaper stock to the rebound in online classified ads he expects as the job market recovers, Brisbane Times reported Tuesday.