FOX Corp. (FOXA) PT Raised to $33 at Rosenblatt

Rosenblatt analyst Bernie McTernan raised the price target on FOX Corp. (NASDAQ: FOXA) to $33.00 (from $31.00) while maintaining a Sell rating.

The analyst commented, "We reiterate our Sell rating on FOXA shares and increase our price target to $33 from $31 on higher adj. OIBDA estimates following the beat this quarter. In a vacuum, Fox has a strong set of assets driven by their NFL contract and Fox News. However, the world is shifting rapidly and it is unclear to us if or how they will be able to successfully transition their economics to the streaming world. With the stock trading at a premium to peers, downside risk to our estimates from greater cord cutting, and risks surrounding the NFL renewal, we see more attractive opportunities elsewhere in our coverage."

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