UPDATE: Jefferies Starts News Corp. (NWSA) (NWS) at Buy
Get Alerts NWSA Hot Sheet
Rating Summary:
23 Buy, 4 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Jefferies initiated coverage on News Corp. (NASDAQ: NWSA) (NASDAQ: NWS) with a Buy rating and a price target of $22.00.
Analyst John Janedis said, "We view News Corp. as a classic media value play, as its individual pieces are undervalued, but provide downside protection for the stock. We expect fundamentals to improve, which should translate to multiple expansion in the stock. Having spun off a year ago from 21st Century Fox, we also expect a form of return of capital later this year. Longer-term, similar to other media companies, we think NWSA could spin off assets to create value. In our view, NWSA is not the newspaper value trap of years past due to the value of REA, Foxtel, Harper Collins, and cash balance. We currently assume EPS for 2014, 2015, and 2016 of $0.47, $0.47, and $0.56 vs. consensus of $0.47, $0.48, and $0.59, respectively. Our EPS CAGR from ’14-
‘16E is 6% for the company. "
For an analyst ratings summary and ratings history on News Corp. click here. For more ratings news on News Corp. click here.
Shares of News Corp. closed at $17.49 yesterday.
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