UPDATE: J.P. Morgan Initiates Coverage on 21st Century Fox on Multiple Positive Factors
In a report published Friday, J.P. Morgan analyst Alexia S. Quadrani initiated coverage on 21st Century Fox (NASDAQ: FOXA) with an Overweight rating and $39.00 price target.
In the report, J.P. Morgan noted, “We are initiating coverage of 21st Century Fox with an Overweight rating and a December 2014 price target of $39. FOXA has an impressive mix of businesses, including a broad range of well-branded cable assets with significant exposure to the valuable sports market, a major broadcast network with a sizable local TV footprint, and a leading film/TV studio. Additionally, the company has interests in several satellite TV businesses outside the US. With one of the highest earnings growth profiles over the next few years, we believe FOXA shares will maintain a premium valuation to our large-cap media universe, implying notable upside to shares from the current level.”
21st Century Fox closed on Thursday at $33.15.
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