Morgan Stanley analyst Andrew McLeod lowered the firm’s price target on News Corp. (NWSA) to $37 from $38 and keeps an Overweight rating on the shares. While the firm says it recognizes the headwinds for the ads business, it adds that it values Dow Jones on a standalone basis at $12B, or $21 per News Corp. A share. Based on the firm’s new analysis and approach to valuation, it sees its Dow Jones value as about 20%, or $4 per share, above consensus, the analyst added.
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