UPDATE: CIMB Raises PT on News Corp Due to Exchange Rate Movements

In a report published on Friday analysts at CIMB raised its PT on

from $29 to $31.89 and maintained its Neutral rating on the company. In the report lead analyst Fraser McLeish commented that, "Our combined valuation for New News Corp and 21st Century Fox is US$30.29 (US$25.81 for 21st Century Fox and US$4.48 for New News Corp). This is marginally higher that our previous US$29.61 NWS valuation reflecting the roll-forward of our DCF, partially offset by lower associate share prices and higher corporate costs as a result of the split. Our AUD valuation and target price increase to A$31.89 (from A$29.00) to reflect the slight uplift in USD valuation and exchange rate movements (we now use an AUD/USD exchange rate of 0.95 versus 1.02 previously). The table below shows News Corp multiples versus US entertainment peers." News Corp is down 0.54 percent on the day and currently trades at $31.51