Loop Capital analyst Alan Gould lowered the firm’s price target on News Corp. (NWSA) to $41 from $44 but keeps a Buy rating on the shares. The company’s sale of Foxtel to DAZN for $2.1B simplifies its business and creates a “more liquid asset” while also eliminating a low-multiple division, the analyst tells investors in a research note. Loop adds that its reduced price target reflects its mark-to-market adjustment on REA Group valuation.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NWSA:
- FOXTEL exit a ‘clear positive’ for News Corp. shareholders, says Morgan Stanley
- M&A News: News Corp and Telstra Offload Foxtel to DAZN Group in a $2.2B Deal
- News Corp agrees to sell Foxtel to DAZN for enterprise value of A$3.4B
- Nevada commissioner rules against Murdoch bid to change family trust, NYT says
- News Corp. price target raised to $44 from $41 at Loop Capital