As previously reported, Wolfe Research analyst Peter Supino downgraded Fox Corp. (FOXA) to Underperform from Peer Perform with a $48 price target Fox will enter FY26 with difficult comparisons and a softening advertising outlook, says the analyst, who adds that the market may not be fully factoring in advertising revenue risk and “terminal value concerns.” The firm views Fox’s 40% of revenue from advertising, even the two-thirds exposed to sports and news, as cyclically exposed, the analyst added.
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