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DIS

Disney

$111.27

0.7 (0.63%)

, FOXA

21st Century Fox

$34.99

0.11 (0.32%)

11:17
12/16/17
12/16
11:17
12/16/17
11:17

Disney/Fox 'a murky web of deals within deals,' Barron's says

Walt Disney's (DIS) acquisition of 21st Century Fox (FOX; FOXA) assets is a "murky web of deals within deals," with news reports still struggling to grasp the deal's actual value, Alex Eule writes in this week's edition of Barron's. Disney is paying $30 a share, so if the remainder of Fox is worth $8 and change, the deal values current Fox at $38 per share, he argues, adding that given the regulatory uncertainty, Fox shares trading at $35 seems reasonable. Reference Link

DIS

Disney

$111.27

0.7 (0.63%)

FOXA

21st Century Fox

$34.99

0.11 (0.32%)

FOX

21st Century Fox

$34.22

(0.00%)

DIS Disney
$111.27

0.7 (0.63%)

12/15/17
LOOP
12/15/17
NO CHANGE
Target $106
LOOP
Hold
Disney's Star Wars opening weekend estimated remains $225M, says Loop Capital
Loop Capital analyst David Miller keeps his Hold rating and $106 price target on Disney (DIS), forecasting the opening weekend box office for Star Wars: The Last Jedi at $225M, the ultimate domestic take of $850M, and global revenue of $1.7B. The analyst says the film was "awesome" - as good, if not better than The Force Awakens which cleared $2.07B in global box office. Miller also notes that Disney discussed the implications of the company taking managerial control over Hulu, saying CEO Bob Iger appeared non-committal on whether to use Hulu as the head-to-head competitor with Netflix (NFLX) or await its Direct-To-Consumer product to be launched in mid-2019.
12/15/17
WELS
12/15/17
NO CHANGE
Target $135
WELS
Outperform
Disney price target raised to $135 from $116 at Wells Fargo
Wells Fargo analyst Marci Ryvicker raised her price target for Disney (DIS) shares to $135 following the company's acquisition of 21st Century Fox (FOXA) assets. The analyst is positive on the deal and sees "significant potential upside" for Disney. She notes, however, that the new company is more complex given the consolidation of Hulu and addition of Sky. Ryvicker keeps Outperform rating on Disney shares.
12/15/17
KEYB
12/15/17
DOWNGRADE
KEYB
Sector Weight
21st Century Fox downgraded to Sector Weight from Overweight at KeyBanc
KeyBanc analyst Andy Hargreaves downgraded 21st Century Fox (FOXA) to Sector Weight saying that while he views the asset sale to Disney (DIS) as positive for both sides, regulatory risks are high. The analyst sees total potential value in the deal at $42 for Fox shares, but feels a discount is warranted given the regulatory risk. Hargreaves believes current fair value for Fox shares is $37.
12/15/17
EDJN
12/15/17
DOWNGRADE
EDJN
Hold
Disney downgraded to Hold from Buy at Edward Jones
Edward Jones analyst downgraded Disney (DIS) to Hold from Buy saying the acquisition of 21st Century Fox (FOXA) increase Disney's dependency on cable networks and adds various complexities. Additionally, the firm's analyst views Disney shares as fairly valued following recent share appreciation in light of the deal.
FOXA 21st Century Fox
$34.99

0.11 (0.32%)

12/15/17
PIPR
12/15/17
NO CHANGE
Target $125
PIPR
Overweight
Piper raises price targets for both Disney and 21st Century Fox
Piper Jaffray analyst Stan Meyers raised his price target for Disney (DIS) shares to $125 from $120 and his target for 21st Century Fox (FOXA) shares to $40 from $35 following the yesterday's asset sale deal. The analyst has Overweight ratings on both names. He believes the transaction is mutually beneficial. Disney unlocks intellectual property value "better than anyone," and can extract better economics with counterparties via scale, while Fox's leaner structure allows it to rerate higher, execute on core competencies, and generate "significant" free cash flow for shareholders, Meyers tells investors in a research note.
FOX 21st Century Fox
$34.22

(0.00%)

11/10/17
BERN
11/10/17
NO CHANGE
Target $101
BERN
Market Perform
Disney deal for Fox wouldn't solve underlying problems, says Bernstein
Bernstein analyst Todd Juenger noted that Disney (DIS) has gone from a situation where reported EPS was going up but its stock price was going down to one where EPS is going down but the stock has been going up a bit driven by M&A speculation. However, he contends that the current round of renewed M&A speculation is happening because underlying fundamentals are "so bad" and even if a deal for Disney to buy Fox (FOXA) assets happens it wouldn't solve the underlying problems. He also thinks the chances of a Disney-Fox deal as currently described are "very low." Juenger maintains a Market Perform rating and $101 price target on Disney shares.
12/11/17
BTIG
12/11/17
NO CHANGE
BTIG
BTIG says Comcast could pay 'significantly' more for Fox assets than Disney
BTIG analyst Richard Greenfield said earlier in a note to investors that he believes Comcast (CMCSA) could pay "significantly more" for the assets that Fox (FOXA) is reportedly looking to sell than could Disney (DIS). He also believes Comcast could have a better chance of securing regulatory approval for a deal if they are willing to spin off all of the regional sports networks that a combined entity would own.
12/13/17
FBNS
12/13/17
NO CHANGE
FBNS
FBN says Fox could be worth over $42 per share with Disney deal
With multiple media report indicating that Disney (DIS) is close to finalizing a deal to buy most of 21st Century Fox's (FOX) assets and operations, FBN Securities analyst Robert Routh is estimating that Fox shares could have a "real value" of $42.46 based on what has been reported on the likely deal. This estimate is before considering taxes and taking into account that Disney shares will likely rise after a deal is confirmed, said Routh, who does not officially cover either Disney or Fox.
12/13/17
BTIG
12/13/17
NO CHANGE
BTIG
Disney, Fox deal may be a near-term positive for Netflix, BTIG says
Commenting on Disney's (DIS) deal with Fox (FOX; FOXA) and its potential implications, BTIG's Richard Greenfield notes that the knee jerk reaction he hears across the investment world is the former is buying the later to build their "Netflix killer." Greenfield "strongly disagrees" with this viewpoint, saying that if Disney wanted to build a Netflix competitor it should be eliminating its stock buyback and aggressively investing in content that has no legacy media strings attached. Further, the Disney/Fox transaction is likely a near-to-intermediate term positive for Netflix, he argues, adding that both companies will be tied up in a 12 month or more regulatory review process with thousands of executives in limbo pending the closing of the transaction.

TODAY'S FREE FLY STORIES

TIF

Tiffany

$102.26

-0.96 (-0.93%)

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CMTA

Clementia Pharmaceuticals

$18.80

0.26 (1.40%)

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Conference/Events
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HMST

HomeStreet

$28.15

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MEOH

Methanex

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VLRX

Valeritas

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CUB

Cubic

$70.40

-1.35 (-1.88%)

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TGT

Target

$75.42

-1.44 (-1.87%)

07:05
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Technical Analysis
Technical Take: Target falls sharply after earnings miss »

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REX

REX American Resources

$76.62

-0.5 (-0.65%)

07:05
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Earnings
REX American Resources reports Q1 EPS $1.45 vs. 69c last year »

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ALKS

Alkermes

$45.58

0.35 (0.77%)

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KOOL

Cesca Therapeutics

$0.53

0.0307 (6.14%)

07:04
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Initiation
Cesca Therapeutics initiated  »

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NCI

Navigant Consulting

$24.00

-0.19 (-0.79%)

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Navigant Consulting, Lumere announce collaboration to reduce clinical variation »

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ACRX

AcelRx

$2.95

0.05 (1.72%)

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07:02
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General news
MBA Mortgage Applications Composite Index data reported »

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ANTM

Anthem

$234.12

0.52 (0.22%)

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Anthem to acquire Aspire Health, financial terms not disclosed »

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MINE

Minerco Resources

$0.00

(0.00%)

07:02
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Minerco acquires controlling interest in Priwen Systems »

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XCRA

Xcerra

$14.01

0.31 (2.26%)

07:02
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Earnings
Xcerra reports Q3 non-GAAP EPS 24c, consensus 20c »

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  • 29

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SO

Southern Company

$43.55

0.13 (0.30%)

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Southern Power to sell minority stake in solar portfolio for $1.175B to GAFG »

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  • 23

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SPX

S&P 500

$0.00

(0.00%)

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ACM

Aecom

$33.33

-0.02 (-0.06%)

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AET

Aetna

$177.66

0.08 (0.05%)

, CVS

CVS Health

$65.59

0.09 (0.14%)

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AET

Aetna

$177.66

0.08 (0.05%)

CVS

CVS Health

$65.59

0.09 (0.14%)

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FTR

Frontier Communications

$9.55

-0.06 (-0.62%)

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Periodicals
Frontier in talks with bondholders after failed asset auction, Bloomberg reports »

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TOL

Toll Brothers

$39.46

-4.14 (-9.50%)

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FB

Facebook

$183.81

-0.67 (-0.36%)

06:53
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Periodicals
Facebook's upper ranks never seem to leave company, Recode reports »

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  • 03

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TIF

Tiffany

$102.26

-0.96 (-0.93%)

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REGN

Regeneron

$294.72

-1.86 (-0.63%)

, SNY

Sanofi

$38.93

0.15 (0.39%)

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REGN

Regeneron

$294.72

-1.86 (-0.63%)

SNY

Sanofi

$38.93

0.15 (0.39%)

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