FOX Corp. (FOXA) PT Raised to $62 at Loop Capital

Loop Capital analyst Alan Gould raised the price target on FOX Corp. (NASDAQ: FOXA) to $62.00 (from $60.00) while maintaining a Buy rating.

The analyst commented: "We are reiterating our Buy rating, raising our estimates and raising our PT to $62 from $60 for FOXA. Despite almost 40% of its revenue driven by advertising, we view FOX as an attractive stock in this challenging macro environment. FOX News prime time ratings have surged almost 50% compared to two years ago, no other major network comes close. The platform has added over 100 new blue-chip advertisers, signaling a potential permanent shift in ad dollars to Fox News from the general entertainment networks. Additionally, Fox's strategic news and sports focus, without the burden of general entertainment networks, has allowed its affiliate revenue to grow as peers face declines. Further, the Murdoch family governance issues could have an impact on the future structure of Fox. While Fox's multiple has expanded, it remains attractive at 7.6X our 2024/2025E EBITDA. Given these factors, we continue to find the stock compelling and reiterate our Buy rating."

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