UPDATE: Morgan Stanley Initiates 21st Century Fox with Overweight Following Separation From News Corporation

In a report published Tuesday, Morgan Stanley analyst Benjamin Swinburne initiated coverage on

with an Overweight rating and $34.00 price target. In the report, Morgan Stanley noted, “After 60 years of building a global media portfolio that began with an Australian newspaper, the separation of 21st Century Fox from News Corporation represents an important milestone. The separation in effect creates in Fox a focused TV & Film company of global scale. Both companies should benefit from increased management focus on their respective businesses, while also allowing each to optimize and employ an appropriate capital structure.” 21st Century Fox closed on Monday at $29.40.