Nomura Values News Corp (NWSA) Split at $27 and $2

Nomura Securities reiterated a Buy rating on News Corp. (NASDAQ: NWSA) and raised its price target to $29.00 (from $28.00). Analysts said they expect Fox Group to trade with a target of at least $27 with another $2 for "New News Corp".

"Adding it up, we are raising our target price for the combined News Corp shares by $1 to $29 leading to 9% upside," said analyst Michael Nathanson.

"Although we are still in the dark about the size of the final cash balance held by 'New News Corp' and the ultimate corporate tax rate, we have made some clarifying adjustments that get us to $0.18 and $0.21 in pro-forma FY13 and FY14 earnings, respectively," said Nathanson.

For an analyst ratings summary and ratings history on News Corp. (NASDAQ: NWSA) click here. For more ratings news on News Corp. click here.

Shares of News Corp. closed at $26.26 yesterday.

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