Guggenheim analyst, Michael Morris, reiterated his Buy rating on shares of 21st Century Fox (NASDAQ: FOXA) after the company reported F2Q17 OIBDA of $1.99bn which was ahead of consensus estimates of $1.86bn, driven by better-than-forecast results at Television and Filmed Entertainment. Cable revenue and OIBDA were both slightly below consensus estimates, with domestic affiliate growth of 7% decelerating modestly from 8% in F1Q (though management noted this was primarily driven by rounding). Adjusted EPS of $0.53 beat consensus forecasts of $0.49.

Looking ahead, the updated FY17E adjusted EPS is down a penny at $1.95, compared to the prior $1.96 estimate due to the elimination of the analyst's share repurchase estimate.

No change to the price target of $33 which is based on 16x CY17 EPS of $1.99 (down from $2.08), reflecting a 10% discount to the S&P 500 multiple.

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Shares of 21st Century Fox closed at $31.06 yesterday.