UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on News Corporation Following 2Q Earnings Beat

In a report published Friday, Morgan Stanley analyst Andrew McLeod reiterated an Equal-Weight rating on

, but removed the $16.00 price target. In the report, Morgan Stanley noted, “NWSA is a company in transition. But encouragingly, 2Q F2014 earnings beat our expectations. Valuation looks interesting on a sum-of-the-parts approach and will be boosted if confidence can be gained that Newspaper/Print earnings have bottomed.” News Corporation closed on Thursday at $16.02.