UPDATE: Sterne Agee Initiates 21st Century Fox at Buy on Estimated Upside

In a report published Monday, Sterne Agee analyst Vasily Karasyov initiated coverage on 21st Century Fox (NASDAQ: FOXA) with a Buy rating and $36.00 price target.

In the report, Sterne Agee noted, “We estimate that there is 18.5% upside to the current FOXA stock price level within 12 months driven entirely by EPS growth and we are therefore assigning FOXA shares a Buy rating. Our target price of $36.00 is based on the current multiple of 19.7x FY14 EPS applied to our FY15 EPS estimate of $1.82.”

21st Century Fox closed on Friday at $30.39.