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Why Credit Suisse Now Prefers 21st Century Fox Over Time Warner
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Investors look through various research reports to find new value in many different forms. One such method is to review additions and deletions from focus lists at the big investment banks. This is the Conviction Buy list at Goldman Sachs, the US 1 List at Merrill Lynch and the Focus List at Credit Suisse.
It turns out that Credit Suisse has decided to make a key change on its U.S. and Global Focus Lists for May. Twenty-First Century Fox Inc. (NASDAQ: FOXA) was added to the lists, while Time Warner Inc. (NYSE: TWX) was removed. Both stocks remain rated as Outperform and are still shown to have upside to the price targets.
On Time Warner, no changes were made to the forecasts. The driving force is simply more relative upside opportunity. Credit Suisse sees Twenty-First Century Fox having 42% upside to the firm’s new $40 target price, versus upside of about 24% for Time Warner.
As a reminder, most Dow and S&P stocks typically are shown to have 8% to 15% implied upside when they are given Buy, Outperform and Overweight ratings.
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