These Analysts Revise Their Forecasts On Fox After Q2 Results
Portfolio Pulse from Avi Kapoor
Fox Corporation (NASDAQ:FOX) (NASDAQ:FOXA) reported Q2 2023 revenues of $4.23 billion, slightly down from $4.61 billion a year ago but beating the consensus of $4.21 billion. Adjusted net income was $165 million, surpassing the consensus of 11 cents per share. Affiliate fee revenues grew by 4%, with the Television segment seeing a 10% increase. Despite these results, Fox shares fell 6.5% to close at $27.44. Analysts from Wells Fargo and Macquarie revised their price targets for Fox following the earnings report.
February 08, 2024 | 2:26 pm
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NEGATIVE IMPACT
Fox Corporation reported better-than-expected Q2 results but saw a 6.5% drop in share price. Analysts adjusted price targets, indicating mixed outlooks.
Fox Corporation's better-than-expected Q2 earnings and revenue growth in affiliate fees suggest a strong operational performance. However, the share price drop and mixed analyst price target adjustments indicate market concerns or adjustments that could influence short-term stock performance negatively.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Fox Corporation's Class A shares also likely impacted by the Q2 earnings report and subsequent analyst price target revisions.
Given the shared operational performance between FOX and FOXA, the impact on FOXA's stock is likely similar to FOX. The drop in share price post-earnings and the analyst revisions reflect a cautious or negative short-term outlook for FOXA as well.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90