UPDATE: Morgan Stanley Upgrades News Corporation to Overweight; Discount No Longer Applies

Morgan Stanley upgraded News Corporation (NASDAQ: NWSA) from Equal-weight to Overweight and announced a $32.00 price target.

Morgan Stanley noted, "Upgrading to OW on superior organic growth post mid-‘13 Publishing spin. Roughly 90% of the remaining Fox Group's EBITDA comes from well-positioned TV assets. With falling complexity and greater capital allocation visibility, the historic NWS discount should fade. NWSA now joins MS Best Ideas list."

News Corporation closed at $27.21 on Friday.

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