21st Century Fox (FOXA): Solid Beat But No PT Increase - Guggenheim

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.

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 $31.06 yesterday.

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