UPDATE: Macquarie Upgrades FOX Corp. (FOXA) to Neutral

(updating comment)

Macquarie analyst Tim Nollen upgraded FOX Corp. (NASDAQ: FOXA) from Underperform to Neutral, PT $31.00.

The analyst comments "The return of live sports could have a mixed impact at Fox. Nascar is back and WWE has continued through the covid shutdowns. But we believe MLB is shooting itself in the foot, possibly risking a cancelled season as owners and players squabble over money. While Fox would save the rights cost, it would lose the ad revenue and risk losing knock-on effects from promotion of this key element of its summer/fall schedule. College and pro football are the other key sports at Fox; college football is at some risk of not returning in September, while the NFL is evidently going ahead with its season, but we expect losing either of these would be a blow to Fox’s near-term top line."

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 $29.00 yesterday.

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