Dow Jones & Co.

TICKER

We maintain our target price of $68 and a 2M (Outperform, Medium Risk) rating for Dow Jones & Co. (NYSE: DJ). We like the combination of strong fundamentals (the strongest in the newspaper group) amplified by improved operating efficiencies, which are both contributing to rising estimates. Although The Wall Street Journal’s (WSJ) recent growth is clearly not sustainable (and our estimates reflect this), the near-term growth outlook continues to look good and there remains an upward bias in our

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