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Salomon SB Upgrades News Corp.


News Corp. (NWS) shares rose after Salomon Smith Barney upgraded them to buy from outperform. Yesterday, the media company posted third quarter earnings from operations per ADR of $0.18, vs. $0.12 a year ago.

Analyst Jill Krutick says the upgrade and lifting of price target is based on the high end of her sum-of-the-parts valuation. She says the upgrade relates to more clarity on several issues that had been overhanging the company's outlook.

Krutick notes third quarter earnings beat the Street estimates of $0.16, highlighting strong operating momentum across operations. In particular, the company's Film & Cable segment results were considerably stronger than expected, while the print businesses also outpeformed despite weaker top-line results. She raised the price target to $33 from $30.


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