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FOXA

21st Century Fox

$37.32

-0.22 (-0.59%)

, DIS

Disney

$101.21

-1 (-0.98%)

05:49
04/19/18
04/19
05:49
04/19/18
05:49

21st Century Fox rejected rival bid of $34.41 per share for assets

Disney (DIS) disclosed last night in a regulatory filing that on November 14, 2017, representatives of 21st Century Fox (FOXA) and "Party B" held discussions via conference call regarding a potential strategic transaction between the parties. Party B, which Reuters reported last night to be Comcast (CMCSA), provided Fox a non-binding proposal to acquire the remaining company at a price of $34.41 per share payable in stock of Party B, subject to further discussions on the allocation of regulatory risk. Disney's filing further explained, "Representatives of Goldman Sachs and Centerview then discussed with the 21CF board the potential financial profiles of the surviving entities from potential strategic transactions with each of Party B and Disney. In addition, representatives of Goldman Sachs discussed with the 21CF board illustrative financial implications of the potential strategic transactions as proposed by each of Disney and Party B, including illustrative future trading ranges for each of Disney and Party B on a pro forma basis, giving effect to the potential strategic transactions. Goldman Sachs noted that the probability of Disney stock trading toward the higher ends of the range on a pro forma basis could be viewed as higher than such a likelihood for Party B. Goldman Sachs also noted the higher likelihood for revenue synergies in a Disney transaction over and above the cost synergies assumed in the Goldman Sachs valuation analyses. At the end of the meeting, the 21CF board directed management to cease discussions with Party B and focus on finalizing negotiations with Disney." On December 7, 2017, Fox's Rupert Murdoch informed the Chairman and CEO of Party B that Fox would not enter into an exclusivity arrangement with Party B at this time and that Fox would suspend discussions while it pursued other opportunities, Disney's filing states.

FOXA

21st Century Fox

$37.32

-0.22 (-0.59%)

DIS

Disney

$101.21

-1 (-0.98%)

CMCSA

Comcast

$33.28

0.02 (0.06%)

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FOXA 21st Century Fox
$37.32

-0.22 (-0.59%)

03/07/18
WELS
03/07/18
NO CHANGE
WELS
Wells Fargo expects bidding war for Sky
Wells Fargo analyst Marci Ryvicker expects a bidding war for Sky (SKYAY). The analyst believes Sky appears to be more accretive to Disney (DIS)-Fox (FOXA) but more strategic for Comcast (CMCSA; CMCSK). Ultimately, Ryvicker thinks the latter with win but not without a fight from Disney/Fox.
03/14/18
MACQ
03/14/18
UPGRADE
MACQ
Outperform
Sky upgraded to Outperform from Neutral at Macquarie
Macquarie analyst Guy Peddy upgraded Sky (SKYAY) to Outperform from Neutral after he raised his FY19/20 and FY20/21 EPS by about 16% due to the lower EPL costs. His valuation analysis suggests the current 1075p offer from 21st Century Fox (FOXA) "materially undervalues" Sky and even Comcast's (CMCSA) indicative offer at 1250p "fractionally undervalues" it, Peddy tells investors. What happens next is up to Comcast and Disney (DIS), as Fox is just an intermediary, he added. Peddy raised his price target on Sky shares to 1450p, as he believes tension between those two could lift the offer price at least 10% above his fair value estimate of 1287p.
03/15/18
LOOP
03/15/18
INITIATION
Target $43
LOOP
Buy
21st Century Fox initiated with a Buy at Loop Capital
Loop Capital analyst Alan Gould started 21st Century Fox (FOXA) with a Buy rating and $43 price target. The analyst believes the company is set up as the "ideal acquisition target for either Disney (DIS) or Comcast (CMCSA) as they evolve their video businesses into a global, direct-to-consumer streaming service."
03/15/18
LOOP
03/15/18
INITIATION
Target $130
LOOP
Buy
Disney initiated with a Buy at Loop Capital
Loop Capital analyst Alan Gould started Disney (DIS) with a Buy rating and $130 price target. The analyst views the Disney/21st Century Fox (FOXA) deal as a "win/win," positioning Disney to be a more competitive player in the global streaming business.
DIS Disney
$101.21

-1 (-0.98%)

04/17/18
PIVT
04/17/18
UPGRADE
Target $93
PIVT
Hold
Disney upgraded to Hold from Sell at Pivotal Research
Pivotal Research analyst Brian Wieser upgraded Disney to Hold while trimming his price target for the shares to $93 from $94. The company "has a lot of positive elements" heading into the back half of the year, including a strong film slate, the launch of new direct to consumer over-the-top services and efforts in support of the close of the Fox (FOXA) transaction, Wieser tells investors in a research note. The analyst believes all the stocks he covers in the video-centric media space look fairly valued.
04/11/18
JPMS
04/11/18
NO CHANGE
JPMS
JPMorgan boosts Disney estimates on 'Black Panther' strength
To reflect the strength of "Blank Panther," JPMorgan analyst Alexia Quadrani raised her Q2 earnings per share estimate for Disney to $1.68 from $1.57. The move has grossed $1.3B in global box office to date, far above the analyst's previous $775M estimate. The "significant outperformance" of "Black Panther" more than offsets softer results for "A Wrinkle in Time," Quadrani tells investors in a research note. The analyst is currently Not Rated on shares of Disney.
04/17/18
04/17/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Disney (DIS) upgraded to Hold from Sell at Pivotal Research with analyst Brian Wieser saying the company "has a lot of positive elements" heading into the back half of the year, including a strong film slate, the launch of new direct to consumer over-the-top services, and efforts in support of the close of the Fox (FOXA) transaction. 2. Coca-Cola (KO) upgraded to Neutral from Sell at Goldman Sachs with analyst Judy Hong saying she sees an improving organic sales growth outlook, "cleaner base" post-refranchising, and better visibility on its margin and earnings targets. 3. Merck (MRK) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst David Risinger saying the Keytruda+chemo combination showed better than expected results in lung cancer, boosting the company's immuno-oncology lead against Bristol-Myers (BMY). 4. Newell Brands (NWL) upgraded to Outperform from Market Perform at Wells Fargo with analyst Bonnie Herzog saying the stock's setup is good looking forward, with greater potential upside than downside risk over the next 12 months. 5. Twitter (TWTR) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Brian Nowak citing recent advertiser conversations that have continued to be incrementally positive about Twitter's ad business. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CMCSA Comcast
$33.28

0.02 (0.06%)

04/09/18
NOMU
04/09/18
NO CHANGE
Target $40
NOMU
Neutral
Comcast price target lowed to $40 from $45 at Nomura Instinet
Nomura Instinet analyst Jeffrey Kvaal lowered his price target for Comcast shares to $40 to reflect reduced buyback expectations. The analyst, however, says the "sky is not falling." The analyst, while continuing to prefer mobile over fixed, views the 15% pullback in Comcast shares as an overreaction. He expects the company to offer investors "some relief" on its Q1 call. Kvaal keeps a Neutral rating on Comcast.
03/26/18
COWN
03/26/18
INITIATION
COWN
Market Perform
Comcast initiated with a Market Perform at Cowen
04/02/18
MACQ
04/02/18
NO CHANGE
Target $38
MACQ
Neutral
Macquarie sees Q1 video losses for Comcast
Macquarie analyst Amy Yong is modeling Comcast Q1 video net losses of 77k and revenue declines of .7% due to lower video net adds/ARPU. Yong expects downward estimate revisions for Comcast given headwinds to the video business and uncertainty around its interest in Sky and lowered her 2018/19 consolidated EBITDA to $29.2B and $31.2B, respectively. The analyst rates shares of Comcast a Neutral and cut her price target to $38 from $42.

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0.26 (0.09%)

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Bank of America

$31.01

0.79 (2.61%)

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RHT

Red Hat

$143.38

0.59 (0.41%)

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L Brands

$29.68

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AMZN

Amazon.com

$1,926.27

-14.93 (-0.77%)

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Alphabet

$1,170.97

9.3 (0.80%)

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$1,170.97

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GOOGL

Alphabet Class A

$1,174.66

7.49 (0.64%)

AAPL

Apple

$218.35

0.105 (0.05%)

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RRC

Range Resources

$17.19

0.83 (5.07%)

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RL

Ralph Lauren

$134.12

1.93 (1.46%)

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FTNT

Fortinet

$85.82

-2.59 (-2.93%)

06:06
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06:06
Downgrade
Fortinet rating change  »

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FOLD

Amicus

$11.80

0.02 (0.17%)

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FBP

First BanCorp

$8.61

0.12 (1.41%)

06:05
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SKX

Skechers

$27.84

-0.135 (-0.48%)

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CNI

Canadian National

$86.13

-1.335 (-1.53%)

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NOA

North American Energy

$8.65

-0.175 (-1.98%)

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Stitch Fix

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Amazon.com

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IPG

Interpublic Group

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SNHY

Helios Technologies

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0.49 (0.90%)

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MTW

Manitowoc

$24.50

0.8 (3.38%)

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Caterpillar

$152.78

3.63 (2.43%)

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CNQ

Canadian Natural

$32.86

0.145 (0.44%)

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SCS

Steelcase

$15.30

0.05 (0.33%)

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COP

ConocoPhillips

$75.53

0.48 (0.64%)

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SLCA

U.S. Silica

$20.50

-0.185 (-0.89%)

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Covia

$9.79

0.3 (3.16%)

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NE

Noble Corp.

$6.30

0.15 (2.44%)

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