Fox (FOXA) stock is likely to remain challenged as the company is most exposed to the potential National Football League media rights contract renewals, which could dilute earnings power, Bank of America Securities said in a Wednesday note.

The league's status as must-have programming for the linear bundle could make traditional media partners appear disadvantaged in negotiations, aggravated by rising interest from tech players expanding the buyer set against limited inventory, analysts wrote.

The NFL renewals are likely to result in higher pricing or less favorable economics, compelling incumbents to absorb margin pressure or lose audiences and advertising value, according to the note.

The brokerage said it downgraded the stock to underperform from buy and cut its price target to $45 per share from $80.

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