Nomura Securities Reiterates a 'Buy' on News Corp. (NWSA); Australian Takeover

Nomura Securities reiterates a 'Buy' on News Corp. (NASDAQ: NWSA) price target of $23.00.

Analyst, Michael Nathanson, said, "We see the CMJ acquisition as a positive incremental use of cash in addition to the company’s recently increased $10bn share buyback authorization, which we still expect to be completed by the end of FY13. Smarter uses of cash, coupled with strong buybacks and double-digit
EBIT growth make News Corp one of the most attractive media stocks in our coverage universe."

NOTE - Last night, NWSA tendered an offer to buy Consolidated Media Holdings (CMJ) for A$3.50 a share, or A$1.97bn ($2bn USD). News Corp would get full ownership of Fox Sports Australia and double the company’s stake in TV distributor Foxtel to 50%.

Nomura sees FY13 EPS estimate at $1.92 vs. Street consensus of $1.70.

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 $20.24 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• ACCO Brands to buy European peripherals brand Trust for ~$100M revenue
• Cantor Fitzgerald Reiterates Overweight Rating on Applied Materials (AMAT)
• New Street Research Upgrades Micron Technology (MU) to Buy