Wolfe Research upgraded Liberty Formula One to Outperform from Peer Perform with an $84 price target. Beyond high costs and expectations of the first Las Vegas Grand Prix, the analyst sees years of improving global race productivity. Las Vegas success enhances the company’s “already exciting global productivity opportunity,” the analyst tells investors in a research note. With Liberty Formula One underperforming the S&P 500 Index for seven months and trading at a sustainable 4% free cash flow yield, Wolfe upgrades the shares.
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