B. Riley FBR analyst Zack Silver upgraded Liberty Formula One (FWONK) to Buy from Neutral and raised his price target for the shares to $46 from $35. The analyst says that while his valuation for the core F1 racing league, at $10.6B, is little changed from his initial January 2017 outlook, Liberty Formula One's 33% stake in Live Nation (LYV) has more than doubled since then, to $4.5B. Further, the company's shares are "poised for a further inflection" as it begins to see the benefits of two-plus years of foundation building and fostering better alignment with the 10 F1 teams, contends the analyst. In addition, sentiment checks suggest interest in F1 is surging year-to-date, which bodes well for rights fee step-ups heading into a group of major broadcast renewals in 2021, Silver tells investors in a research note. His bull case yields 54% share upside while bear case implies 20% downside.