News Corp. downgraded to Neutral at Macquarie on valuation

As previously reported, Macquarie analyst David Fabris downgraded News Corp. (NWSA) to Neutral from Outperform with a price target of $32.70, down from $33, considering the FY25 result and noting a change of analyst and revised modelling. Following the company’s Q4 report, the firm cut EPS estimates 2%, 3% and 5%, respectively, across FY26, FY27 and FY28, stating that the valuation “looks fair.”