UPDATE: Deutsche Bank Initiates News Corporation on Deep Value

In a report published Tuesday, Deutsche Bank analyst Matt Chealer initiated coverage on News Corp FOXA with a Buy rating and a $20 price target.

In the report, Deutsche Bank noted, “While the early days could be a rough ride for investors with lots of selling and limited near-term catalysts, we believe investors should be buying News Corp shares at these levels. The stock is trading at over a 50% discount to asset value and is therefore, in our view, too cheap to ignore. Plus, investors are getting almost $5 of cash per share for free on our estimates.”

News Corporation closed on Monday at $29.40.