Wells Fargo downgraded Fox Corp. to Underweight from Equal Weight with a price target of $31, down from $35. The company’s earnings are mostly Fox News earnings, and Fox News is facing viewership and shar pressures, the analyst tells investors in a research note. With “ecosystem risks” also elevated, Wells’ estimate outlook for Fox is more negative and below the Street. It says Fox News’ share of conservative news viewers has fallen from 94% to 84%. While the new primetime lineup could drive a rebound, Fox News is a “Show Me viewership story,” writes the firm.
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