Guggenheim Upgrades News Corp. (NWSA) to Buy; 'Significant Value Left to be Unlocked from Digital Real Estate, Dow Jones'
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(Updated - March 18, 2021 6:13 AM EDT)
Guggenheim analyst Curry Baker upgraded News Corp. (NASDAQ: NWSA) from Neutral to Buy with a price target of $32.00 (from $21.00).
The analyst comments "We are upgrading News Corp to BUY (from NEUTRAL) and raising our price target to $32 (up from $21), implying ~22% upside to the current share price. We view News Corp as well positioned to continue to benefit from the growth stories at Digital Real Estate and Dow Jones — these two segments account for 85+% of NWSA's value (and we see continued strength and upside at both). Underscoring our News Corp thesis are the following drivers: 1) REA will likely remain the dominant online real estate platform in Australia, 2) Move/Realtor should continue to emerge as a force in the rapid digitization of the U.S. real estate market, and 3) Dow Jones is a true comp (and in some ways superior) to the NYT with an equally impressive growth trajectory. Bottom line: we believe News Corp shares are currently undervalued, even when using our conservative parameters."
Shares of News Corp. closed at $26.35 yesterday.
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