UBS on FOX Corp. (FOXA): 'we look for 4.6% yoy total affiliate growth in F4Q'

UBS analyst John Hodulik reiterated a Buy rating and $44.00 price target on FOX Corp. (NASDAQ: FOXA).

The analyst comments "We expect similar underlying trends in F4Q before cyclical tailwinds contribute to accelerating growth in F25. Our estimates are largely unchanged and we look for 4.6% yoy total affiliate growth in F4Q (in-line with F3Q) while total ad is flattish as Tubi growth (albeit slower amid tough comps and a flood of CTV inventory), solid sports spend and better cable ratings help offset Entertainment softness. We expect EBITDA of $702M in F4Q, driving F24 EBITDA declines of ~12%. We expect this to be followed by doubledigit EBITDA growth in F25 to $3.2B (street $3.05B), supported by political ad, Super Bowl, WWE savings and solid affiliate trends."

For an analyst ratings summary and ratings history on FOX Corp. click here. For more ratings news on FOX Corp. click here.

Shares of FOX Corp. closed at $34.46 yesterday.

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