BMO Capital analyst Daniel Salmon re-initiated Fox Corp with a Market Perform rating and lowered his price target to $37 from $49 after the 21st Century Fox spin off, saying he likes the company's focus on sports and news with a revenue model "driven more by broadcast retransmission and affiliate fees." The analyst is also positive on the company's ramp up of direct-to-consumer programming with the launch of Fox Nation, but believes that valuation on the stock is full. Salmon adds that he is awaiting greater visibility into mid-term affiliate fee growth.