Fox (FOXA) is expected to have a strong performance in fiscal Q4 as the World Cup boosts advertising revenue and FOX One subscribers, UBS Securities said.

The analysts forecast total advertising revenue to increase 31% for the quarter year over year versus 28% in the previous period. Stripping out the impact of the World Cup, Tubi, and other one-off items, the analysts' estimate is an advertising revenue decline of 1%.

Distribution revenue is expected to grow 3.1%, slightly below 3.3% from the last quarter, according to the note Tuesday.

With this year's World Cup generating higher TV ratings than the previous tournament, the analysts raised their estimate for World Cup advertising revenue. They now expect the tournament to generate about $500 million in advertising revenue across fiscal Q4 and the following quarter, up from their prior estimate of $350 million.

The investment firm expects fiscal Q4 earnings before interest, taxes, depreciation, and amortization to increase 9% year over year. UBS said this would help drive a record full-year EBITDA of about $3.7 billion for Fox despite fiscal 2026 being a non-election year.

UBS' rating on the company's stock is buy with a price target of $78.

Shares of Fox were up nearly 4% in Wednesday trading.

Price: 50.60, Change: +1.81, Percent Change: +3.71