UPDATE: Wedbush Raises Target on News Corp to $21
Wedbush reiterates its Outperform rating on News Corp (NASDAQ: NWSA) and raises its price target by $1 to $21 a share on updated valuation driven on new estimated earnings.
Wedbush comments, "We raise our December quarter EPS estimate to $0.33 from $0.32 on higher film and TV segment estimates, while leaving our FY2012 EPS estimate at $1.37 (+19% yr/yr). Our F2Q12 EBIT margin estimates remain above the Street, although we are more cautious on top line advertising growth coming out of the TVmarket. The TV ad market affects growth at both the Television segment, where the FOX network benefited from teens yr/yr increases in A18-49 audience in the quarter, and at the Cable Network Programming segment, led by a resurgent FX."
NWSA closed at $19.56 a share on Monday.
