Liberty Formula One (FWONK) PT Raised to $93 at Rosenblatt

Rosenblatt analyst Barton Crockett raised the price target on Liberty Formula One (NASDAQ: FWONK) to $93.00 (from $89.00) while maintaining a Buy rating.

The analyst commented: "Ahead of an investor day event, we bought a pair of £307 general admission tickets (the cheapest we could find) for one day of standing room only access to the British Grand Prix at Silverstone. It was muddy and rainy. To see the 20 race cars whizz by every 90 seconds or so, for 52 laps, we had to elbow our way between dozens at an early turn and remain standing for close to 90 minutes. Way too many people were vaping (popular, it seems, in Britain.) Ahead of the event, eventual race winner and local hero Lewis Hamilton said that Silverstone tickets had become “hugely expensive” at a time when families were struggling with the high cost of living. We learned at the investor event that Silverstone this year had leaned into “dynamic pricing,” upping the effective price per seat. We expected fans to be angry. And we were wrong. We found no one at the race who really cared about the price. They were happy. They were having fun. Total Silverstone attendance this past weekend, despite the price hikes and bad weather, matched last year's 480,000. F1 fans, it seems, are loyal. And that may be one of the best arguments around for why this is a good business. We update estimates, retain a BUY rating, and raise our price target $4 to $93. We found the talk about growth initiatives at the investor event to be encouraging."

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