BofA raised the firm’s price target on Fox Corp. to $50 from $45 and keeps a Buy rating on the shares. The firm maintains its fiscal Q1 revenue estimate of $3.4B, but lowers its Q1 OIBDA estimate to $904M from $928M and its EPS estimate to $1.15 from $1.19 while maintains its FY25 revenue, OIBDA and EPS estimates. The firm raised its target multiple to reflect underlying momentum and visibility in the business, noting that it believes Fox is well-positioned in FY25 and should benefit from an improving advertising backdrop and a healthy balance sheet.
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