Jefferies analyst John Janedis trimmed his price target on 21st Century Fox (NASDAQ: FOXA) to $40.00 (from $43.00) but maintained a Buy rating.

Janedis commented, "The '16 guidance and negative tone around the ad market overshadowed a strong F2Q. The mid $7B EBITDA range was slightly below our expectation of $7.6-$7.7B, but not a game changer. Mgmt's tone around digital was more negative than we would have expected, but with FOXA trading at ~16x our C16 est., we think it should find support after tomorrow's sell-off."

The firm lowered FY 2015 EPS from $1.63 to $1.56 and FY 2016 EPS from $2.19 to $1.95.

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.