Nomura Securities Maintains Buy on 21st Century Fox (FOXA) Following Upfront Programming Event

Nomura Securities maintain a Buy rating on 21st Century Fox (NASDAQ: FOXA), with a price target of $38.00, following the Fox Broadcasting 2015 Upfront Programming Presentation. Nomura found that the event showed that Gotham, Empire, and sports programming remain strong building blocks. Also, bringing the operations and management of the Fox networks together could represent an opportunity in terms of both strategy and efficiencies.

Nomura analyst, Anthony DiClemente, commented on the event, saying, "Fox broadcast network clearly has a strong foundation with major sports rights in place under long-term contracts along with Gotham and Empire, which present promising building blocks. New shows Rosewood (medicalcrime drama procedural) and Minority Report (based on Steven Spielberg’s 2002 theatrical release) will lead out and lead into Gotham and Empire, respectively. The company completely overhauled its Tuesday lineup with Grandfathered (John Stamos comedy), The Grinder (Rob Lowe legal comedy), and Scream Queens (Ryan Murphy's anthology horror-comedy mashup). We are more optimistic on Fox’s Tuesday comedy lineup as we believe the star-power has the potential to appeal to the coveted young affluent female demographic. Overall, our take is that there may be an element of cost-consciousness at the Fox network, with a lineup of reasonably-budgeted shows that will benefit from strong lead ins/outs."

For an analyst ratings summary and ratings history on 21st Century Fox click here. For more ratings news on 21st Century Fox click here.

Shares of 21st Century Fox closed at $32.79 yesterday.

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