By Fox Stock Rises as Analyst Upgrades Following Sports Streaming Bundle Deal
Fox stock saw an increase on Friday after a Citi analyst raised the stock’s rating, expressing positivity for the company’s future due to the sports streaming bundle with Walt Disney and Warner Bros. Discovery.
Upgrade and Price Target Increase
Citi analyst Jason Bazinet upgraded Fox shares from Neutral to Buy and raised the price target to $35 from $34. In a research note, Bazinet highlighted the benefits of the streaming sports bundle for Fox.
Positive Impact of Sports Joint Venture
Bazinet mentioned that the joint venture between Fox, Disney, and Warner Bros. was advantageous for Fox, especially with the decline in traditional cable television popularity. The analyst believes that this collaboration positions Fox in a better position amidst the challenges faced by the Pay TV ecosystem.
Anticipation for Joint Venture Success
Industry Response and Analysis
Other analysts, such as TD Cowen’s Doug Creutz, also recognized the significance of the sports streaming bundle in potentially reviving the media economic model.
Market Performance
Ahead of market opening, Class A and Class B shares of Fox experienced a 1.2% increase.
The future of Fox seems promising as it ventures into the world of sports streaming content.
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