UPDATE: Shaw Stockbroking Upgrades News Corporation to Buy on Valuation, Yield

Shaw Stockbroking raised its rating on News Corporation

from Hold to Buy and increased its price target to $26.50. Shaw Stockbroking commented, "NWS is trading on an FY13 PE of 14.6x. We don't see this as expensive for a company with strong operational momentum, a strong balance sheet, and with 20% EPS growth in 2013 and 2014. Further, the influence of Chase Carey (Deputy Chairman & Chief Operating Officer) is becoming obvious – shareholder wealth creation. If the stock can deliver these sorts of growth numbers, the stock will be closer to $30 in 12 to 18 month's time than $24." News Corporation closed at $24.74 on Friday.