21st Century Fox (FOXA) PT Raised to $35 at RBC Capital; Reiterates Outperform

RBC Capital raised its price target on 21st Century Fox (NASDAQ: FOXA) to $35.00 (from $33.00) while maintaining a Outperform rating. FOXA reported segment EBITDA of $1.45bn for F4Q17, which was 2% above consensus on strong results from Cable Networks.

The FY18 outlook has no new negatives with EBITDA estimates basically unchanged at $7.5bn (+1%). As previously stated, FOXA now expects to close on Sky in the first half of CY18. The extra time could mean FOXA can build more cash, and that might result in year 1 EPS accretion above the previous guide for double-digit.

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