Investing.com -- Citi maintained its "Buy" rating on News Corp (NASDAQ:NWSA), with a $36 price target, as it opened a positive catalyst watch ahead of a potential ruling in the Murdoch family trust case in Nevada court.
“We maintain our Buy rating as we continue to see upside if the firm spins REA,” analyst said.
The brokerage sees the decision, expected within 90 days, as a possible trigger for News Corp to move to a single class of shares, a step that could pave the way for a spin-off of its stake in REA Group.
News Corp’s fiscal second-quarter results beat consensus estimates on revenue and adjusted EBITDA, though management highlighted FX headwinds in the second half of fiscal 2025 and a tough advertising environment in its News Media segment.
Despite these challenges, Citi continues to see upside potential if the company proceeds with an REA spin, which it believes could unlock shareholder value.
“We are opening a positive catalyst watch as we see scope for a ruling in the Murdoch family trust case in Nevada court. We believe a loss may ultimately result in News Corp moving to a single class of shares, a potential prerequisite of an REA spin,” analyst at Citi said.
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