Macquarie analyst Tim Nollen downgraded Fox Corp to Underperform with a price target of $30. The analyst notes that the major deals for sports TV broadcasting rights are expected over the next few years, with NFL, MLB and NHL rights in the U.S. and Europe Champions League, Bundesliga, and EPL rights in Europe all up for renewal in 2021-2022. Nollen believes that the broadcast costs will likely escalate, adding to Fox Corp's margin pressure. The analyst adds that there is still "intrinsic value" in the stock, but in the near term, he contends that its valuation is too high relative to peers.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here