Fox Corp. price target lowered to $38 from $40 at Loop Capital

Loop Capital lowered the firm’s price target on Fox Corp. (FOXA) to $38 from $40 but keeps a Buy rating on the shares. The Street will continue to accord Fox a low multiple until the future growth rate of Fox News becomes clearer, though the recent Charter (CHTR) / Disney (DIS) renewal is good for Fox as it should help sustain the cable ecosystem and Fox does not have any secondary cable networks in jeopardy of being dropped, the analyst tells investors in a research note.