FBR Capital downgraded 21st Century Fox (NASDAQ: FOXA) from Outperform to Market Perform with a price target of $36.00 (from $43.00).

Analyst Barton Crockett commented, "We believe that Twenty-First Century Fox, Inc. (FOXA) is an excellent company— but one that now faces issues likely to pressure its multiple, mitigating an EPS CAGR modeled near 22% and muting the opportunity in the stock. Headwinds that weaken confidence in this growth outlook, and thus pressure the multiple, were highlighted in this earnings report: rising secular headwinds for TV networks, F/X and macro headwinds muting the luster of promising emerging market growth, and an excellent management team's inability to hit what had been an audacious and inspiring long-term growth target. We pare back our assumption of the multiple that FOXA can obtain over the next year, take our price target down $7, to $36, and move our rating lower, to Market Perform"

Despite the beat, the firm takes FY15 OIBDA down $143M, to $6.8B, and adjusted EPS up only $0.01, to $1.70. FY16 OIBDA goes down $255M, to $7.55B, and adjusted EPS falls $0.22, to $2.04.

For an analyst ratings summary and ratings history on 21st Century Fox click here. For more ratings news on 21st Century Fox click here.

Shares of 21st Century Fox closed at $34.66 yesterday.