Fox Corp. stock slipped 2% on Monday to close at $35.92 after Guggenheim Partners analyst Michael Morris downgraded the shares to neutral from buy. Morris, who also lowered his 12-month price targe…
Fox Corp. stock slipped 2% on Monday to close at $35.92 after Guggenheim Partners analyst Michael Morris downgraded the shares to neutral from buy.
, was sold to Disney in a $71.3 billion deal, shares in the new stand-alone company began trading March 19. They have since lost 14% of their value. Monday’s dip came on a day when broader markets finished in positive territory, albeit on lighter trading volume ahead of the July 4 holiday. Morris nevertheless expects industry-leading aggregate subscriber growth from Fox . He sees much of its programming as “must-have” and views the company as “well positioned among media peers.” Yet, the analyst also sees the value of carriage fees as baked into Fox’s valuation, which is ahead of industry peers.
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