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CMCSA

Comcast

$33.55

1.24 (3.84%)

, CMCSK

Comcast

$0.00

(0.00%)

13:24
06/14/18
06/14
13:24
06/14/18
13:24

Moody's: Comcast's offer to buy 21st Century Fox America 'credit negative'

Moody's Investors Service stated that Comcast Corporation's (CMCSA) all-cash offer of $35 per share to acquire the businesses that 21st Century Fox America, wholly owned subsidiary of Twenty-First Century Fox (FOXA), has agreed to sell to the Walt Disney Company (DIS) is credit negative for Comcast. The transaction would also include the assumption by Comcast of $20B of outstanding Fox debt. "The offer is consistent with our expectations when we placed Comcast on review for downgrade on May 23, 2018, which considered the new debt associated with a Fox acquisition net of cash on hand, the assumption of Fox debt, $15.4B of new debt associated with the offer to acquire all the equity of Sky plc (SKYAY), and assumption of Sky's $12.1B in debt."

CMCSA

Comcast

$33.55

1.24 (3.84%)

CMCSK

Comcast

$0.00

(0.00%)

FOX

21st Century Fox

$44.12

0.74 (1.71%)

FOXA

21st Century Fox

$44.45

0.78 (1.79%)

SKYAY

Sky

$0.00

(0.00%)

DIS

Disney

$108.34

2.03 (1.91%)

CMCSA Comcast
$33.55

1.24 (3.84%)

06/13/18
06/13/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Square (SQ) downgraded to Neutral from Buy at Buckingham with analyst Chris Brendler saying he is taking a "breather" following the year-to-date share outperformance but raised his price target to $65 from $55. 2. Yelp (YELP) downgraded to Sell from Hold at Aegis. 3. AT&T (T) was downgraded to Sell from Neutral at MoffettNathanson while Time Warner (TWX) was downgraded to Neutral from Buy at the firm. Time Warner was also downgraded to Market Perform from Outperform at Barrington. 4. Comcast (CMCSA) downgraded to Market Perform from Outperform at Raymond James. 5. Advaxis (ADXS) downgraded to Hold from Buy at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/14/18
LOOP
06/14/18
NO CHANGE
Target $47
LOOP
Buy
21st Century Fox price target raised to $47 from $43 at Loop Capital
Loop Capital analyst Alan Gould raised his price target on 21st Century Fox (FOXA) to $47 following yesterday's confirmation of a Disney (DIS) counterbid from Comcast (CMCSA), saying he expects "at least one additional bid" from each potential acquirer. He also believe that while a Disney merger "offers more regulatory certainty" and its long-term stock value is superior to that of Comcast, the difference in the higher offer from Comcast is too great, requiring more cash or a stock price collar from the former. Gould keeps his Buy rating on 21st Century Fox.
06/14/18
NOMU
06/14/18
NO CHANGE
Target $40
NOMU
Neutral
Nomura sees 'protracted bidding war' for Fox assets
Nomura Instinet analyst Jeffrey Kvaal expects Disney (DIS) to counter Comcast's (CMCSA) offer for 21st Century Fox's (FOXA) assets, which include Premier League sports rights, premium content, and Hulu stake. He sees the stage being set "for a protracted bidding war." The analyst keeps a Neutral rating on Comcast with a $40 price target.
06/14/18
OPCO
06/14/18
NO CHANGE
Target $42
OPCO
Outperform
Disney likely to top bid for Fox entertainment assets, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that Comcast (CMCSA) has bid $65B for a cash offer for Fox's (FOXA) entertainment assets, a 19% premium to Disney's offer (DIS). The analyst believes it does make strategic/financial sense, and Comcast has a great track record on acquisitions. Further, Horan thinks a joint NBC/Fox would be a content powerhouse while expanding the company's presence in Europe with Sky (SKYAY), and slashing OTT video risk. Nonetheless, the analyst believes Disney is likely to top the bid. He reiterates an Outperform rating and $42 price target on Comcast's shares.
CMCSK Comcast
$0.00

(0.00%)

06/13/18
KEYB
06/13/18
NO CHANGE
KEYB
Comcast might make competitive offer for Fox soon, says KeyBanc
KeyBanc analyst Brandon Nispel notes that Judge Richard Leon ruled in favor of AT&T (T), without condition, in a suit brought against it by the Department of Justice over its acquisition of Time Warner (TWX). The analyst believes this decision could drive additional media M&A expectations and thinks a formal offer by Comcast (CMCSA; CMCSK) for 21st Century Fox (FOXA) can come as soon as today. Nispel believes 21st Century Fox is the last of the scaled media companies, which makes it appropriate for Comcast to aggressively pursue the company. Additionally, the analyst does not see Verizon (VZ) as a likely buyer of traditional media assets
06/13/18
OPCO
06/13/18
NO CHANGE
OPCO
Perform
Comcast may offer 25% premium to Disney for Fox, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that a U.S. District Court Judge approved AT&T's (T) acquisition of Time Warner (TWX), with no conditions, stating the Department of Justice did not prove the merger would harm competition. The judge also stated he would deny any requests by the DoJ to stay the decision, and as such, the companies are free to close the deal even if the ruling is appealed, he adds. The analyst expects Comcast (CMCSA; CMCSK) will now offer a 25% premium to Disney (DIS) for Fox (FOXA). Horan has a Perform rating on AT&T shares.
FOX 21st Century Fox
$44.12

0.74 (1.71%)

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.
05/01/18
MSCO
05/01/18
NO CHANGE
Target $130
MSCO
Overweight
Disney trades at 'historic discount' while building out OTT, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne believes Disney's (DIS) new segment presentation could benefit shares by highlighting Disney's Over-the-top, or OTT, opportunity and providing visibility into the earnings power of its core businesses. If Fox (FOXA) is included and Hulu is consolidated, Swinburne estimates Disney's OTT and Direct-to-consumer businesses grow to roughly $6.5B in gross annual revenues by FY20, while noting that the stock is currently trading at a historical discount to the S&P 500. He maintains an Overweight rating and $130 price target on Disney shares.
05/10/18
OPCO
05/10/18
NO CHANGE
Target $42
OPCO
Outperform
Comcast acquisition of Fox would make strategic, financial sense, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that press reports stated Comcast (CMCSA) has lined up $60B in financing to make an all-cash offer for Fox's (FOXA) entertainment assets, representing a 15% premium to Disney's (DIS) offer. While he thinks this has caused half the 30% decline in Comcast's stock year to date, the analyst believes it does make strategic and financial sense, and Comcast has a great track record on acquisitions. Horan thinks a joint NBC/Fox is a content powerhouse while expanding the company's presence in Europe through Sky (SKYAY), and slashing OTT video risk. The analyst reiterates an Outperform rating and $42 price target on Comcast's shares.
FOXA 21st Century Fox
$44.45

0.78 (1.79%)

SKYAY Sky
$0.00

(0.00%)

DIS Disney
$108.34

2.03 (1.91%)

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CX

Cemex

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KMT

Kennametal

$37.44

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SYNT

Syntel

$34.07

0.65 (1.94%)

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MGTA

Magenta Therapeutics

$0.00

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XERS

Xeris Pharmaceuticals

$0.00

(0.00%)

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    Jun

KR

Kroger

$26.21

0.21 (0.81%)

, DRI

Darden

$93.27

-1.34 (-1.42%)

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$26.21

0.21 (0.81%)

DRI

Darden

$93.27

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CMC

Commercial Metals

$23.67

0.44 (1.89%)

PDCO

Patterson Companies

$22.54

0.07 (0.31%)

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IIIV

i3 Verticals

$0.00

(0.00%)

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  • 21

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KZR

Kezar Life Sciences

$0.00

(0.00%)

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  • 21

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LPL

LG Display

$8.91

-0.015 (-0.17%)

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EGO

Eldorado Gold

$1.13

-0.02 (-1.75%)

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SPX

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CEO

CNOOC

$163.48

2.345 (1.46%)

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TM

Toyota

$134.34

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FB

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$202.08

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, GOOG

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RYAAY

Ryanair

$117.11

3.54 (3.12%)

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BNED

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DIS

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SPY

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