Media goliath NWS tested new 1-year lows yesterday probably in sympathy with the weakness across US digital advertising / social media names in the wake of Snap Inc’s (SNAP US) more than 40% plunge – we see no reason to buy NWS around $23.50, the stocks not offering compelling valuation or an attractive dividend although its likely to bounce this morning in line with a minor recovery by its US peers overnight.
MM is neutral NWS
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