UPDATE: Morgan Stanley Upgrades Liberty Formula One (FWONK) to Overweight

Morgan Stanley analyst Benjamin Swinburne upgraded Liberty Formula One (NASDAQ: FWONK) from Equalweight to Overweight with a price target of $72.00 (from $65.00).

The analyst comments "We are raising estimates on Liberty Formula One Group, raising our PT to $72,and upgrading the shares to OW. We establish a new $90 bull case relative to a $50 bear case. High level, our new forecast estimates ~12% F1 adjusted EBITDA CAGR from '22through '25 with FCF/share growth of ~20% during that period. Our PT implies the stock holds its current premium multiple of roughly a 3% levered FCFyield through 2025, the last year of the current Concorde agreement, which we discount back to mid-'23to establish our PT."

For an analyst ratings summary and ratings history on Liberty Formula One click here. For more ratings news on Liberty Formula One click here.

Shares of Liberty Formula One closed at $58.12 yesterday.

You May Also Be Interested In

• MSA Safety (MSA) PT Raised to $223 at DA Davidson
• Standex International (SXI) PT Raised to $350 at DA Davidson
• Jazz Pharmaceuticals (JAZZ) PT Raised to $275 at Stifel