PMorgan analyst David Karnovsky upgraded Liberty Formula One (FOWNK) to Overweight from Neutral and raised his price target for the shares to $50 from $38. Formula 1 is emerging from a transition period positioned to reap the benefit of past investments, Karnovsky tells investors in a research note. The analyst estimates adjusted OIBDA will increase 20% this year with the start of a pay-TV deal with Sky, and he forecasts "more modest though steady" growth thereafter. Further, Liberty Formula One is a "defensive asset to own in the current macro environment," says Karnovsky.