Guggenheim analyst Michael Morris raised the firm’s price target on Fox Corp. to $44 from $38 and keeps a Buy rating on the shares. Fiscal Q4 revenue was in-line with expectations, though adjusted EBITDA came in ahead of the firm’s and consensus estimates by double-digits, driven by stronger-than-anticipated cost discipline, the analyst tells investors. The FY25 event cycle, led by Super Bowl LIX, is guided to drive significant advertising revenue and free cash flow growth in FY25, notes the analyst, who adds that the company is optimistic that the Venu Sports launch this fall will be top-line accretive quickly.
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