News Corp. upgraded to Outperform at Macquarie after ‘strong’ Q2

As previously reported, Macquarie analyst Darren Leung upgraded News Corp. to Outperform from Neutral with a price target of $30, up from $26, after the company reported Q2 EBITDA that was a 22% beat to the firm’s forecasts and a 19% beat compared to the Visible Alpha consensus figure while reporting results that were “strong across all businesses.” The digital information businesses, particularly Dow Jones, continue to perform, while the advertising exposure and consumer-facing subscriptions were “more resilient than expected,” the analyst tells investors.