Wedbush Lowers Price Target on News Corp. (NWSA) Following Decision to Include the Competition Commission
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Price: $29.16 +0.76%
Rating Summary:
23 Buy, 4 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
23 Buy, 4 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is maintaining its Outperform rating on shares of News Corp. (NASDAQ: NWSA), but is lowering its price target from $21 to $20 following its decision today to take its case on the BSkyB bid to the Competition Commission.
The firm notes that the review may take as long as six to nine months. At this time, Wedbush doesn't believe that it is all that bad. The firm notes that it gives management time to handle the phone hacking accusations that it is currently facing in England.
An analyst at Wedbush comments, "We note that the very aggressiveness of how competing UK media outlets are pursuing the phone hacking story is evidence of a healthy level of media plurality in the market."
The firm believes that allegations regrading other news papers that NWSA owns may come about, but since they decided to only close "News of the World," Wedbush doesn't anticipate on them being as server as the phone hacking accusation.
For more ratings news on News Corp. click here and for the rating history of News Corp. click here.
Shares of News Corp. closed at $15.48 yesterday.
The firm notes that the review may take as long as six to nine months. At this time, Wedbush doesn't believe that it is all that bad. The firm notes that it gives management time to handle the phone hacking accusations that it is currently facing in England.
An analyst at Wedbush comments, "We note that the very aggressiveness of how competing UK media outlets are pursuing the phone hacking story is evidence of a healthy level of media plurality in the market."
The firm believes that allegations regrading other news papers that NWSA owns may come about, but since they decided to only close "News of the World," Wedbush doesn't anticipate on them being as server as the phone hacking accusation.
For more ratings news on News Corp. click here and for the rating history of News Corp. click here.
Shares of News Corp. closed at $15.48 yesterday.
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