UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on News Corporation

In a report published Monday, Deutsche Bank reiterated its Buy rating on News Corporation

, and raised its price target from $29.00 to $32.00. Deutsche Bank noted, “While we had already included in our forecast the loss of the Dodgers contract impacting Newscorp's RSN business, which according to press reports is now highly likely, we are refining our forecasted impact given Newscorp appears likely to attempt to maintain its two RSNs in the L.A. area (which will still carry the Clippers, Angels, Kings and Ducks, and might be able to include some PAC12 content). Thus, we shift our methodology from shutting down an L.A. RSN to just giving a rebate to distributors for not carrying the Dodgers game, shifting our loss impact from about $100m to $50m. It is worth noting its remaining L.A. sports contracts are LT in nature (incl. 20 yrs for the Angels). In addition, we corrected the flow of FY14 int'l and emerging network profitability. With some offsets to be more conservative in our Film, Broadcast TV and DBS estimates, we are raising FY14 EBIT by $78m to $6.705b, taking growth from 9% to 10%. FY14 EPS is raised $0.02 to $1.92 ($2.00 ex-the BskyB buyback adj that mgmt includes in EPS when reporting).” News Corporation closed on Friday at $27.21.