A couple of Wall Street researchers covering some big-time media companies revised their predictions on the fates of News Corp. and Thomson Reuters.
A J. P. Morgan analyst covering Wall Street Journal, New York Post and Fox News parent News Corp. today downgraded the company to neutral from overweight. The analyst, Imran Khan, predicted challenges to News Corp.’s Fox Broadcast Network, difficulties for the company’s film studio and operating losses in digital businesses. News Corp. reported fiscal third-quarter earnings yesterday.
Meanwhile, TD Newcrest upgraded Reuters parent Thomson Reuters, which also reported earnings yesterday, to “action list buy” from “buy,” saying the company had effectively reduced costs and should see revenues recover going forward.