Morgan Stanley downgraded Liberty Formula One to Equal Weight from Overweight with a price target of $70, down from $80. The firm sees Liberty Formula One’s premium multiple as less sustainable as the business likely slows and the market frets over the business’s ability to continue to see strong broadcast revenue growth, the analyst tells investors in a research note. The firm estimates lower assumed U.S. media rights renewal in 2026 and lower Las Vegas Grand Prix earnings estimates in 2024 and beyond.
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