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Fox Corp (NASDAQ:FOXA) seems to be attracting largely lukewarm responses from analysts.
While there is nothing to suggest the company’s fundamentals will deteriorate in the near term, there are also no visible near-term catalysts to drive shares higher, according to BofA Securities.
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The Fox Analyst: Jessica Reif Ehrlich downgraded the rating on Fox from Buy to Neutral, while reducing the price target from $42 to $34.
The Fox Thesis: The company’s sports and news portfolio is less sensitive to a potential recovery in the advertising market than broader Media and Entertainment companies, Reif Ehrlich said in the downgrade note.
Check out other analyst stock ratings.
“Given Fox’s asset mix, we believe they have the greatest relative exposure to the secular headwinds in cord-cutting, while it remains unclear what their longer-term strategic plans are if these trends persist or worsen (their strong balance sheet does provide optionality),” the analyst wrote.
“The Dominion lawsuit and associated headlines around the case should continue to be an overhang on shares as we see increased risks for potential monetary damages and/or their brand,” she added.
FOXA Price Action: Shares of Fox had declined by 1.68% to $33.06 at the time of publication Tuesday.
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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.