BUZZ-Fox Corp to benefit from higher political advertising, Tubi strength

Reuters

Sep 25, 2024

** J.P. Morgan raises PT on broadcaster Fox Corp to $41 from $38

** Brokerage lifts FY profit forecast citing a pick-up in political advertising at Television in Q2, following similar fundraising and guidance raises from broadcast groups such as Sinclair

** Says Q1 will also benefit from strong advertising and viewership trends at news and sports, along with strength at Tubi streaming service

** BofA hikes PT to $50 from $45, signals October as the strongest month for political advertising; says FOXA is on track this year to exceed the $230 mln its local TV stations made in last presidential election cycle

** Notes that Fox has the least exposure to entertainment advertising given their asset mix, which is biased towards sports and news

** "We expect Fox is targeting adjacencies to sports/news and would not rule out cross-border M&A given their history in international markets," says BofA analyst Jessica Ehrlich

** Stock is up 41% YTD, including session's moves

(Reporting by Savyata Mishra in Bengaluru)

((Savyata.Mishra@thomsonreuters.com))

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Morgan raises PT on broadcaster Fox Corp    to $41 from $38   ** Brokerage lifts FY profit forecast citing a pick-up in political advertising at Television in Q2, following similar fundraising and guidance raises from broadcast groups such as Sinclair      ** Says Q1 will also benefit from strong advertising and viewership trends at news and sports, along with strength at Tubi streaming service   ** BofA hikes PT to $50 from $45, signals October as the strongest month for political advertising; says FOXA is on track this year to exceed the $230 mln its local TV stations made in last presidential election cycle   ** Notes that Fox has the least exposure to entertainment advertising given their asset mix, which is biased towards sports and news   ** \"We expect Fox is targeting adjacencies to sports/news and would not rule out cross-border M&A given their history in international markets,\" says BofA analyst Jessica Ehrlich   ** Stock is up 41% YTD, including session's moves (Reporting by Savyata Mishra in Bengaluru)((Savyata.Mishra@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}