Wedbush Remains Bullish on 21st Century Fox (FOXA) Following Results, PT Trimmed to $33

Wedbush analyst James Dix reiterated an Outperform rating while trimming his price target on 21st Century Fox (NASDAQ: FOXA) to $33.00 (from $34.00) following results.

Dix commented, "... color on FY2017 operating investments and signal of potential tilt in priorities to M&A over capital return should keep stock range bound. For FY2017, while we fine-tune our revenue growth estimates, we reduce our EBITDA growth estimate by ~4 points to 9%, driven by higher opex for cable, and film caution. Management signaled that buyback pace will slow, given leverage at top end of comfort range (3x), and plan to use balance sheet as "strategic asset.""

FY2017 EBITDA/EPS estimates go to $7.127bn/$1.86 from $7.425bn/$2.10.

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 $27.04 yesterday.

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