21st Century Fox (FOXA) Margin Upside Offset by Industry Concerns - Nomura

Nomura Securities analyst Anthony DiClemente reiterated Buy rating and $31 price target on 21st Century Fox (NASDAQ: FOXA), noting margin upside was offset by industry concern.

DiClemente commented, "Fox’s Cable Networks division surprised to the upside on OIBDA, and Television OIBDA was also ahead of our estimates. That said, Fox’s Filmed Entertainment results were down materially YoY, even below our previously lowered estimates. Film weighed on overall OIBDA, which was down YoY, though excluding currency, 1Q16 OIBDA growth would have been +5%. Given Fox’s reiterated FY16 guidance, our estimates and target price are broadly unchanged."

For an analyst ratings summary and ratings history on 21st Century Fox click here. For more ratings news on 21st Century Fox click here.

Shares of 21st Century Fox closed at $31.28 yesterday.

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