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 $91.00) while maintaining a Buy rating.

The analyst commented: " Formula One's 3Q24 revenue and OIBDA came in a little better than we had modeled, in a period where Y/Y sales trends were depressed by having with only 7 races compared to the year-ago 8. Sponsorship ad trends looked very healthy. And the pending acquisition of MotoGP -- not yet in our published estimates -- could open new growth vistas. But Formula One said ticket sales for the 2nd Las Vegas race -- slated for the 11/23/24 weekend and a key driver of 4Q24 results -- were pacing lower than last year, a typical sophomore slump. The shares traded down 3% on this. But we believe you can look past this to accelerating growth in 2025 and beyond. We retain a BUY rating and increase our price target by $2 to $93, on upped estimates in 2026 and assumed maintenance of a 22x OIBDA multiple in a year versus 2026E, factored into an SOTP for the full asset mix. F1, we believe, is a premium event series in a sports sector with widespread consolidation that can retain a premium multiple."

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