Argus cuts Fox Corp. to Hold after adverse Dominion Voting Systems ruling

Argus analyst Joseph Bonner downgraded Fox Corp. to Hold from Buy. The recent adverse ruling for Fox in the Dominion Voting Systems case raises downside risk for the stock, the analyst tells investors in a research note, stating that while the firm expected First Amendment protections to potentially shield Fox from Dominion’s claims in the case, the judge’s opinion specifically disallowed those protections. Argus adds that while Fox management is optimistic about the 2022-2023 primetime and sports broadcasting season, television advertising is closely correlated with macroeconomic growth, which is currently "highly uncertain".