UPDATE: Shaw Stockbroking Downgrades News Corporation to Hold on Valuation
Shaw Stockbroking reduced its rating on News Corporation (NASDAQ: NWSA) from Buy to Hold following a price run on shares.
Shaw Stockbroking noted, "NWS is trading on an FY13 PE of 14x. We don't see this as expensive for a company with strong operational momentum, a strong balance sheet, and with 20% EPS growth in 2013 and 2014. Further, the influence of Chase Carey (Deputy Chairman & Chief Operation officer) is becoming obvious – shareholder wealth creation. Given the price run (+16%) we reduce to HOLD on valuation ground."
News Corporation closed at $23.82 on Thursday.
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