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Bank of America Merrill Lynch on Wednesday initiated coverage of the new Fox Corporation (NASDAQ:FOXA) with a bullish thesis on the stock, citing the new company’s proven TV network brands and its already strong subscription revenue.
The Analyst
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Bank of America's Jessica Reif Ehrlich began coverage of Fox with a Buy rating and $52 price target.
The Thesis
The new Fox is made up of the main TV assets of the former 21st Century Fox company, including the FOX Broadcast Network, Fox News, and several other cable networks, including Fox Sports and the Big Ten Network.
Ehrlich believes Fox is positioned to do well because the brands are already well-known, they’re focused, with a concentration on live news and sports content and already have strong subscription revenue, with continuing subscriber growth.
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The new Fox Corp. began trading this week after its spinoff, but shares dropped on Tuesday and Wednesday.
Price Action
Shares of Fox were down 3.5 percent at $38.92 at time of publication.
Related Links:
New Fox Starts Trading, Adds Paul Ryan To Board; Disney Deal Effective Wednesday
The Mouse And Murdoch's House: Morgan Stanley Bullish On Post-Deal Landscape For Fox, Disney
Photo credit: "Fox New projects itself inside the rotunda of the Iowa State Capitol. Photos from a walk around downtown Des Moines, two days before the Iowa caucuses." By Phil Roeder from Des Moines, IA, via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.