New York, July 19 (FinanceEnquiry.com) – Analysts at Citi Group upgrades their ratings on News Corp (NASDAQ: NWSA) from NEUTRAL to BUY. The 12-month target price has been raised from $22 to $26.
In a research note published today, the analysts mention that NWSA will split up into two different firms by June 30, 2013. The analysts has dubbed the Publishing centric firm ‘New News Corp’ (NNC) and the Entertainment centric firm ‘Fox Entertainment Group’ (FEG).
It is expected that NNC would see a revenue fall of 1.4 percent per year between 2011 and 2014 and EBIT would fall 3.7 percent over the same period. However, FEG would see its top line growth of 6.5 percent per year through 2014 and EBIT would grow 16.8 percent over the same period, the analysts say.
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