UPDATE: Morgan Stanley Upgrades News Corporation to Overweight; Discount No Longer Applies

Morgan Stanley upgraded News Corporation

from Equal-weight to Overweight and announced a $32.00 price target. Morgan Stanley noted, "Upgrading to OW on superior organic growth post mid-‘13 Publishing spin. Roughly 90% of the remaining Fox Group's EBITDA comes from well-positioned TV assets. With falling complexity and greater capital allocation visibility, the historic NWS discount should fade. NWSA now joins MS Best Ideas list." News Corporation closed at $27.21 on Friday.