JPMorgan raised the firm’s price target on Liberty Formula One to $88 from $79 and keeps an Overweight rating on the shares. With the 2024 Formula 1 season now underway, the firm took the opportunity to preview the upcoming year for Liberty Formula One’s business and highlight where it sees outperformance to near- and long-term estimates. JPMorgan sees good visibility into at least low-double-digit free cash flow growth over its forecast window, with room for upside from the Las Vegas GP, new sponsor partners, F1 TV, Paddock Club, and higher rates on various contract renewals.
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