UPDATE: Bank of America Initiates 21st Century Fox with Buy on Multiple Growth Drivers

In a report published Wednesday, Bank of America analyst Jessica Reif Cohen initiated coverage on

with a Buy rating and $33.00 price target. In the report, Bank of America noted, “As a new stand-alone entity, we view FOX as leading purveyor of global content with several multi-year growth drivers in place and new ones still emerging, including: (1) the launch of Fox Sports 1 and FXX and (2) further build-out of ent. themed cable networks, (3) share gains for non-fiction cable networks, (4) brisk retrans growth, (5) global FIC momentum, (6) rising SKYD tailwinds, (7) solid Filmed Entertainment and (8) possible Simpsons 2nd cycle syndication sale/cable network asset play.” 21st Century Fox closed on Tuesday at $29.21.