Fox Corp Stock All Tuckered Out, Wells Fargo Issues Downgrade After Tumultuous Season
Portfolio Pulse from AJ Fabino
Wells Fargo has downgraded Fox Corp's stock from Equal Weight to Underweight and lowered the price target from $35 to $31 due to concerns about viewership pressures and negative earnings outlook. Fox News, a significant contributor to Fox's earnings, has seen a 19% decline in viewership from January to June. The analyst also highlighted potential threats from ESPN's direct-to-consumer plans and the rising cost of sports rights for broadcasters.
July 12, 2023 | 9:19 pm
News sentiment analysis
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NEGATIVE IMPACT
Fox Corp's stock has been downgraded by Wells Fargo due to concerns about viewership pressures and a negative earnings outlook. The stock closed at $33.67, down 0.18%.
The downgrade by Wells Fargo is based on concerns about viewership pressures and a negative earnings outlook. This could potentially lead to a decrease in the stock's value in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Fox Corp's stock has been downgraded by Wells Fargo due to concerns about viewership pressures and a negative earnings outlook. The stock closed at $33.67, down 0.18%.
The downgrade by Wells Fargo is based on concerns about viewership pressures and a negative earnings outlook. This could potentially lead to a decrease in the stock's value in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100