UPDATE: Wunderlich Securities Raises PT to $29 on News Corporation on Deal Closure
Wunderlich Securities reiterated its Buy rating on News Corporation (NASDAQ: NWSA) and raised its price target from $27 to $29.
Wunderlich Securities said, "We remain positive on Buy-rated News Corporation (NWSA) and have updated our forecast and valuation model for last week's 49% YES interest purchase and the closure of the Consolidated Media Holdings deal. Our new S&P 500 derived target is $29. Even as YES is valued initially at $3.0bn, News is further locking in more sports rights with a supposed imminent 25-year $6bn TV deal with the L.A. Dodgers. The new publishing entity could also morph quickly with indications that major U.S. metro papers and even publisher Simon & Schuster are in play. Despite continued U.K. and even U.S. investigation headline risk, News is again proactive in M&A and may look to increase its Sky Deutschland position following a favorable tax ruling."
News Corporation closed at $24.30 on Friday.
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Tags: Wunderlich Securities