FOX Corp. (FOXA) PT Raised to $50 at Guggenheim

Guggenheim analyst Michael Morris raised the price target on FOX Corp. (NASDAQ: FOXA) to $50.00 (from $45.00) while maintaining a Buy rating.

The analyst commented: "Fiscal 1Q revenue and Adjusted EBITDA were ahead of our/cons. estimates with broad based beat led by Cable Networks. The total company revenue growth acceleration (+11% vs. +2% in F4Q) benefited from: 1) record political ad revenue (ahead of 2020 inclusive of Georgia Senate runoff), 2) improved ‘Other’ revenue growth (+47% vs. -11% in F4Q) due to sublicensing timing, and 3) improvement in affiliate revenue trends driven by pricing, moderating subscriber declines. Tubi revenue growth accelerated to +19% (grew ex-political), with leadership noting continued acceleration so far in F2Q. Management highlighted strong audience trends, particularly in News. We continue to view FY25 as an events-driven year underpinned by the World Series, U.S. election cycle, and Super Bowl LIX. We raise our 12-month price target to $50 from our prior $45 on our higher forecasts and maintain our BUY rating."

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