Goldman Sachs Reinstates 21st Century Fox (FOXA) at Buy
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Goldman Sachs reinstated coverage on 21st Century Fox (NASDAQ: FOXA) with a Buy rating and a price target of $43.00.
Analyst Drew Borst said, "We believe FOXA’s long-term growth story is intact driven by recent content investments in its global cable networks (70% of EBITDA) and broadcast retransmission fees. We reduce our FY15/16/17E EBITDA by 9% on average due mostly to the divestiture of the Direct Broadcast Satellite assets, as well as lower estimates in Cable Networks and Film, which more than offset higher estimates in Television (lower opex). Our FY15/16E EBITDA is 3%/4% below consensus due to a more sober advertising forecast."
Shares of 21st Century Fox closed at $36.80 yesterday.
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