UPDATE 1-RESEARCH ALERT-BofA cuts New York Times to sell

(Changes source, adds details)

Nov 28 (Reuters) -

NEW YORK TIMES CO (NYT.N)

Current Prior Rating Sell Neutral Price target $14 $21

--Banc of America Securities said given the increased uncertainty around economic projections for 2008, it is necessary to incorporate a mild recession scenario into earnings models for the company.

--The brokerage said it expects the company's revenue to decline by 3.5 percent in 2008. BofA had previously projected a 1.3 percent decline in revenue for the period. (Reporting by Neetha Mahadevan in Bangalore; Editing by Himani Sarkar)