UPDATE: Nomura Raises PT to $28 on News Corporation on International Channels Outlook

Nomura reiterated its Buy rating on News Corporation

and increased its price target from $26 to $28. Nomura said, "When looking at the assets of “Good News”, most investors are familiar with the US-based collection of cable networks. In contrast, News Corp‟s International assets are less well known and analyzed. As part of our annual 10-K review, we have decided to focus on the dynamics and growth drivers of Fox International Channels. As a percentage of total FY12 Good NWS revenues, International Cable (including Fox International Channels and STAR India) represented over 10% of revenues and 15% of EBIT at $2.75bn and $780mn, respectively. For FY13, we are leaving our EBIT essentially unchanged at 9% and still in line with the company‟s guidance." News Corporation closed at $25.12 on Monday.