Seaport downgrades Fox Corp. with shares above prior target

Seaport Research analyst David Joyce downgraded Fox Corp. to Neutral from Buy without a price target. The shares have exceeded Seaport’s previous price target of $40 and may already be reflecting political advertising spend enthusiasm, the analyst tells investors in a research note. The firm continues to like Fox Corp.’s “consistent” capital returns through stock buybacks and dividends, but wonders what type of tuck-in or complementary acquisition activity might be on the horizon given Fox “has the industry’s strongest balance.”