UPDATE: BTIG Downgrades NWSA, NWS on Stocks Exceeding PT

In a report published on Wednesday, BTIG analyst Richard Greenfield downgraded

and

from Buy to Neutral and removed the price target on the companies. In the report, BTIG stated, "We are downgrading NWSA and NWS shares to Neutral from BUY, as the stock has exceeded our $30 target price...We will be separately evaluating in more detail the investment opportunity for the post-split companies 21st Century Fox and New News Corp. over the coming weeks." News Corp.

closed on Tuesday at $31.38 and News Corp.

closed on Tuesday at $31.56.