Guggenheim analyst Michael Morris downgraded Fox Corp. to Neutral from Buy and lowered his price target for the shares to $38 from $43 after the company said during its May investor presentation that it "does not see a substantial or profitable a la carte market in the near term for a Fox Corporate bundle." The company, which will focus on growing subscription revenue through its traditional and vMVPD distribution relationships in the near-term, will also see higher spending in the Television segment as Fox re-establishes production assets to pursue its entertainment content goals, said Morris. While he continues to view the company being well positioned among media peers, he thinks this positioning is reflected given the stock's current premium valuation.