Estimating that $13 per Liberty Formula One (FWONK) share is attributable to the value of its 34% stake in Live Nation (LYV), Morgan Stanley analyst Benjamin Swinburne believes that leaves the stub trading at $18-$19 per share, which he views as a "highly compelling" valuation for a business with exclusive, global sports property and that he thinks should grow consistently in the mid to high-single digits. A reset in expectations after revenues fell in 2017 doesn't change his view of the long-term opportunity for growth, while the pullback creates a buying opportunity, said Swinburne, who has an Overweight rating and $47 price target on Liberty Formula One shares.