Wells Fargo lowered the firm’s price target on Fox Corp. to $28 from $30 and keeps an Underweight rating on the shares. The company sounds confident that the streaming sports JV won’t disrupt the cable bundle, but the firm is “skeptical” in that commentary and believes that it is a “gamble” to offer bundle subscribers additional options, the analyst tells investors in a research note. While the sports streaming JV should improve the reach and value of Fox’s sports business through higher ARPU and more overall subscribers, this could come at the expense of Fox News affiliate revenue, the firm added.
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