Fox downgraded to Neutral on lack of catalysts at BofA

BofA analyst Jessica Reif Ehrlich downgraded Fox Corp. to Neutral from Buy with a price target of $34, down from $42. The analyst does not see near-term catalysts to drive shares of Fox higher. The company’s "more stable" sports and news portfolio may be less sensitive to a potential recovery in the advertising market, the analyst tells investors in a research note. In addition, given its asset mix, Fox has a greatest relative exposure to the "secular headwinds" in cord cutting, the firm contends. It also believes the Dominion lawsuit should continue to be an overhang on the shares and weigh on near-term sentiment.