UPDATE: Citigroup Reiterates Buy Rating, Raises PT on News Corp.

In a report published Wednesday, Citigroup reiterated its Buy rating on News Corp. NWSA, and raised its price target from $26.00 to $32.50. Citigroup noted, “News Corp recently announced: 1) Post-split (prior to June 30, 2013), firm's 44% stake in Sky New Zealand will be part of Fox Group, not New News Corp and 2) By early February, 2013, Sky Deutschland will be consolidated by Fox Group following firm's decision to raise stake from 49.9% to 54.5%. We updated our estimates for 'Fox Group' (FOX) and 'New News Corp' (NNC) to reflect these two items. FY13E 'Fox Group' EPS increases from $1.43 to $1.53 and FY14E EPS increases from $1.72 to $1.86. FY13E 'New News Corp' EPS falls from $0.22 to $0.20 and FY14E EPS falls from $0.27 to $0.23.” News Corp. closed on Tuesday at $27.17.