Guggenheim Upgrades News Corp. (NWSA) to Buy; 'Significant Value Left to be Unlocked from Digital Real Estate, Dow Jones'

March 18, 2021 6:13 AM EDT
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Price: $26.41 +1.03%

Rating Summary:
    23 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 8 | New: 31
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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."

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 $26.35 yesterday.


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