Goldmans upgrades BSkyB to 'buy' on share price falls

Goldman Sachs has upgraded BSkyB to a buy rating, saying the 14% drop in its share price since Thursday has produced an ‘attractive entry point'.

In a note to investors, Goldmans acknowledged the newsflow surrounding News Corporation's bid for BSkyB is ‘unpredictable' but says the long-term fundamentals of the business remain strong. "We see the 14% downward move in BSkyB's share price in the last two days as an attractive entry point to buy a company with top quartile industry positioning and returns," the investment bank's research team said. The team added it believes News Corp's bid will ultimately be approved, and said it is maintaining its 12-month price target of 900p. Goldman said it values BSkyB at 816p a share - eq...